meridian223.socs.net · Reviewed by Township Treasurer (Cook County only) Reviewed by Regional...

Due to ROE on Friday, October 14th

Due to ISBE on Tuesday, November 15th

SD/JA16

X School District

Joint Agreement

X CASH

School District/Joint Agreement Number: ACCRUAL Name of Auditing Firm:

County Name: Name of Audit Manager:

Name of School District/Joint Agreement: Address:

Address: City: State: Zip Code:

Submit electronic AFR directly to ISBE

City: Phone Number: Fax Number:

Email Address: IL License Number (9 digit): Expiration Date:

Zip Code: 0 Email Address:

Annual Financial Report

Type of Auditor's Report Issued: ISBE Use Only

Qualified Unqualified YES X NO Are Federal expenditures greater than $750,000?

X Adverse YES X NO Is all Single Audit Information completed and attached?

Disclaimer YES X NO Were any financial statement or federal awards findings issued?

Reviewed by District Superintendent/Administrator Reviewed by Township Treasurer (Cook County only) Reviewed by Regional Superintendent/Cook ISC

Name of Township:

District Superintendent/Administrator Name (Type or Print): Township Treasurer Name (type or print) RegionalSuperintendent/Cook ISC Name (Type or Print):

Email Address:

Telephone: Fax Number: Telephone: Fax Number: Telephone: Fax Number:

Signature & Date: Signature & Date: Signature & Date:

* This form is based on 23 Illinois Administrative Code 100, Subtitle A, Chapter I, Subchapter C (Part 100). This form is based on 23 Illinois Administrative Code, Subtitle A, Chapter I, Subchapter C, Part 100.

ISBE Form SD50-35/JA50-60 (05/16) In some instances, use of open account codes (cells) may not be authorized by statute or administrative rule.

Each school district or joint agreement is responsible for obtaining the concurring legal opinion and/or other s

upporting authorization/documentation, as necessary, to use the applicable account code (cell).

61084

Email Address:Email Address:

Single Audit Status:

[email protected]

815/645-4325815/645-2606

PHILLIP J CAPOSEY

ILLINOIS STATE BOARD OF EDUCATION

School Business Services Division

June 30, 2016

Accounting Basis:

Annual Financial Report *

100 North First Street, Springfield, Illinois 62777-0001

217/785-8779

Illinois School District/Joint Agreement

Click on the Link to Submit:

Send ISBE a File

Filing Status:

MERIDIAN COMMUNITY UNIT SCHOOL DISTRICT NO. 223

Certified Public Accountant InformationSchool District/Joint Agreement Information

(See instructions on inside of this page.)

STILLAMN VALLEY

207 W. MAIN ST.

47-071-2230-26

OGLE

FREEPORT

BENNING GROUP, LLC

DONALD A. BENNING

61032IL

50 W. DOUGLAS STREET, SUITE 801

[email protected]

066-004238

815/652-2053

815-235-3157

815/652-2054

PAUL MCMAHON

[email protected]

11/30/2018

815/235-3158

Printed: 10/11/2016

AFR Meridian 2016

https://sec1.isbe.net/attachmgr/default.aspx


TABLE OF CONTENTS

TAB Name

AFR Page

No.

Auditor's Questionnaire……………………………...………....…………………………..………..................................................... Aud Quest 2

Comments Applicable to the Auditor's Questionnaire……..……..………………. ………………….…………………………. Aud Quest 2

Financial Profile Information …………………………………………….…………………………………………….................................................. FP Info 3

Estimated Financial Profile Summary…………………………………………………………………………………………………………...... Financial Profile 4

Basic Financial Statements

Statement of Assets and Liabilities Arising from Cash Transactions/Statement of Position ………………............................................... Assets-Liab 5 - 6

Statement of Revenues Received/Revenues, Expenditures Disbursed/Expenditures, Other

Sources (Uses) and Changes in Fund Balances (All Funds)…...……………..…………………….......................................... Acct Summary 7 - 8

Statements of Revenues Received/Revenues (All Funds)………………………………………………………………................................. Revenues 9 - 14

Statements of Expenditures Disbursed/Expenditures Budget to Actual (All Funds)……………………….................................................... Expenditures 15 - 22

Supplementary Schedules

Federal Stimulus - American Recovery and Reinvestment Act (ARRA) Schedule……………………………………………. ARRA Sched 23

Schedule of Ad Valorem Tax Receipts…………………………………………………………………………………………….. Tax Sched 24

Schedule of Short-Term Debt/Long-Term Debt ………………………………………………………….................................................... Short-Term Long-Term Debt 25

Schedule of Restricted Local Tax Levies and Selected Revenue Sources/

Schedule of Tort Immunity Expenditures…………………………………..….……………….……………………..…....... Rest Tax Levies-Tort Im 26

Statistical Section

Schedule of Capital Outlay and Depreciation……………………………………………………………………................................................ Cap Outlay Deprec 27

Estimated Operating Expenditures Per Pupil and Per Capita Tuition Charge Computation…………………………… PCTC-OEPP 28 - 29

Estimated Indirect Cost Rate for Federal Programs (Section I, Section II)………………………………………………............................................. ICR Computation 30

Report on Shared Services or Outsourcing ………………………………………………................................................................................................................ Shared Outsourced Serv. 31

Administrative Cost Worksheet……………………………………………………………………….……………................................................ AC 32

Itemization Schedule…………………………………………………………………………………………………................................................ ITEMIZATION 33

Reference Page……………………………………………………………………………………………………….................................................. REF 34

Notes, Opinion Letters, etc…… Opinion-Notes 35

Deficit Reduction Calculation…… Deficit AFR Sum Calc 36

Audit Checklist/Balancing Schedule………………………………………………………………………………................................................. AUDITCHECK -

Single Audit Section

Annual Federal Compliance Report…………………………………………………………………………………............................................. Single Audit Cover - CAP 37 - 46

INSTRUCTIONS/REQUIREMENTS: For School Districts/Joint Agreements

All School Districts/Joint Agreements must complete this form (Note: joint agreement supplementary/statistical schedules may not be applicable)

Round all amounts to the nearest dollar. Do not enter cents. (Exception: 9 Month ADA on page 28, line 78)

This form complies with Part 100 (Requirements for Accounting, Budgeting, Financial Reporting, and Auditing).

23, Illinois Administrative Code 100, Subtitle A, Chapter I, Subchapter C (Part 100)

Any errors left unresolved by the Audit Checklist/Balancing Schedule must be explained in the itemization page.

Submit AFR Electronically

* The Annual Financial Reports (AFR) must be submitted directly through the Attachment Manager to the AFR Group by the Auditor or School District

designated personnel (Please see Instructions for complete submission procedures).

Attachment Manager Link

Note: CD/Disk no longer accepted.

* AFR supporting documentation must be embedded as Microsoft Word (.doc), Word Perfect (*.wpd) or Adobe (*.pdf) and inserted within tab "Opinions & Notes".

These documents include: The Audit, Management letter, Opinion letters, Compliance letters, Financial notes etc…. For embedding instructions see

"Opinions & Notes" tab of this form.

Note: Adobe Acrobat (*.pdf) files cannot be embedded if you do not have the software. Simply attach files as separate docs in the Attachment

Manager and they will be embedded for you.

Submit Paper Copy of AFR with Signatures

1) The auditor must send three paper copies of the AFR form (cover through page 8 at minimum) to the School District with the auditor signature.

Note: School Districts and Regional Superintendents may prefer a complete paper copy in lieu of an electronic file. Please comply with their requests as neccessary.

2) Upon receipt, the School District retains one copy for their records, signs, and forwards the remaining two copies to the Regional Superintendent's

office no later than October 15, annually.

3) Upon receipt, the Regional Superintendent's office retains one copy for their records, signs, and forwards the remaining paper copy to ISBE no later

than November 15, annually.

* Yellow Book, CPE, and Peer Review requirements must be met if the Auditor issues an opinion stating "Governmental Auditing Standards" were utilized.

Single Audit Act

Qualifications of Auditing Firm

* School District/Joint Agreement entities must verify the qualifications of the auditing firm by requesting the most current peer review report and the

corresponding acceptance letter from the approved peer review program, for the current peer review period.

* A school district/joint agreement who engages with an auditing firm who is not licensed and qualified will be required to complete a new audit by a qualified

auditing firm at the school district's/joint agreement's expense.

Printed: 10/11/2016

AFR Meridian 2016

http://www.isbe.net/rules/archive/pdfs/100ARK.pdf


http://www.isbe.net/funding/html/a133.htm

Page 2

the box on the left, and attach the appropriate findings/comments.

PART A - FINDINGS

1. One or more school board members, administrators, certified school business officials, or other qualifying district employees failed to file economic

interest statements pursuant to the Illinois Government Ethics Act. [5 ILCS 420/4A-101]

2. One or more custodians of funds failed to comply with the bonding requirements pursuant to Sections 8-2, 10-20.19 or 19-6 of the School Code.

[105 ILCS 5/8-2; 10-20.19; 19-6]

3. One or more contracts were executed or purchases made contrary to the provisions of Section 10-20.21 of the School Code. [105 ILCS 5/10-20.21]

4. One or more violations of the Public Funds Deposit Act or the Public Funds Investment Act were noted. [30 ILCS 225/1 et. seq. and 30 ILCS 235/1 et. seq.]

5. Restricted funds were commingled in the accounting records or used for other than the purpose for which they were restricted.

6. One or more short-term loans or short-term debt instruments were executed in non-conformity with the applicable authorizing statute or without statutory Authority.

7. One or more long-term loans or long-term debt instruments were executed in non-conformity with the applicable authorizing statute or without statutory Authority.

8. Corporate Personal Property Replacement Tax monies were deposited and/or used without first satisfying the lien imposed pursuant to the State

Revenue Sharing Act. [30 ILCS 115/12]

9. One or more interfund loans were made in non-conformity with the applicable authorizing statute or without statutory authorization.

10. One or more interfund loans were outstanding beyond the term provided by statute.

11. One or more permanent transfers were made in non-conformity with the applicable authorizing statute/regulation or without statutory/regulatory authorization.

12. Substantial, or systematic misclassification of budgetary items such as, but not limited to, revenues, receipts, expenditures, disbursements or expenses

were observed.

13. The Chart of Accounts used to define and control budget and accounting records does not conform to the minimum requirements imposed by

ISBE rules pursuant to Sections 2-3.27 and 2-3.28 of the School Code. [105 ILCS 5/2-3.27; 2-3.28]

14. At least one of the following forms was filed with ISBE late: The FY15 AFR (ISBE FORM 50-35), FY15 Annual Statement of Affairs (ISBE Form 50-37)

and FY16 Budget (ISBE FORM 50-36). Explain in the comments box below.

ISBE rules pursuant to Sections 3-15.1, 10-17, and 17-1 of the School Code [105 ILCS 5/3-15.1; 5/10-17; 5/17-1]

15. The district has issued tax anticipation warrants or tax anticipation notes in anticipation of a second year's taxes when warrants or notes in

anticipation of current year taxes are still outstanding, as authorized by Sections 17-16 or 34-23 thru 34-27 of the School Code.

[105 ILCS 5/17-16 or 34-23 thru 34-27]

16. The district has issued short-term debt against two future revenue sources, such as, but not limited to, tax anticipation warrants and General State Aid

certificates or tax anticipation warrants and revenue anticipation notes.

17. The district has issued school or teacher orders for wages as permitted in Sections 8-16, 32-7.2 and 34-76 of the School Code or issued funding

bonds for this purpose pursuant to Section 19-8 of the School Code. [105 ILCS 5/8-6, 32-7.2, 34-76, and 19-8]

18. The district has for two consecutive years shown an excess of expenditures/other uses over revenues/other sources and beginning fund balances

on its annual financial report for the aggregate totals of the Educational, Operations & Maintenance, Transportation, and Working Cash Funds.

19. Student Activity Funds, Imprest Funds, or other funds maintained by the district were excluded from the audit.

20. Findings, other than those listed in Part A (above), were reported (e.g. student activity fund findings).

21. Federal Stimulus Funds were not maintained and expended in accordance with the American Recovery and Reinvestment Act (ARRA) of 2009. If checked,

an explanation must be provided.

22. Check this box if the district is subject to the Property Tax Extension Limitation Law. Effective Date: (Ex: 00/00/0000)

23. If the type of Auditor Report designated on the cover page is other than an unqualified opinion and is due to reason(s) other than solely Cash Basis Accounting,

please check and explain the reason(s) in the box below.

AUDITOR'S QUESTIONNAIRE

PART B - FINANCIAL DIFFICULTIES/CERTIFICATION Criteria pursuant to Section 1A-8 of the School Code [105 ILCS 5/1A-8]

PART C - OTHER ISSUES

INSTRUCTIONS: If your review and testing of State, Local, and Federal Programs revealed any of the following statements to be true, then check

Printed: 10/11/2016 AFR Meridian 2016

(For School Districts who report on an Accrual/Modified Accrual Accounting Basis only)

School districts that report on the accrual/modified accrual basis of accounting must identify where late mandated categorical payments (Acct Codes 3100, 3105, 3110, 3500, and 3510)

are recorded. Depending on the accounting procedure these amounts will be used to adjust the Direct Receipts/Revenues in calculation 1 and 2 of the Financial Profile Score.

In FY2016, identify those late payments recorded as Intergovermental Receivables, Other Recievables, or Deferred Revenue & Other Current Liabilities or Direct Receipts/Revenue.

Payments should only be listed once.

24. Enter the date that the district used to accrue mandated categorical payments Date:

25. For the listed mandated categorical (Revenue Code (3110, 3500, 3510, 3100, 3105) that were vouchered prior to June 30th, but not released until after year end

as reported in ISBE FRIS system, enter the amounts that were accrued in the chart below.

3110 3500 3510 3100 3105 Total

Deferred Revenues (490)

Mandated Categoricals Payments (3110, 3500, 3510, 3100, 3105) 0

Direct Receipts/Revenue

Mandated Categoricals Payments (3110, 3500, 3510, 3100, 3105 0

Total 0

* Revenue Code (3110-Sp Ed Personnel, 3510-Sp Ed Transportation, 3500-Regular/Vocational Transportation, 3105-Sp Ed Funding for Children Requiring Services,3100-Sp Ed Private Facilities)

PART E - QUALIFICATIONS OF AUDITING FIRM

* School District/Joint Agreement entities must verify the qualifications of the auditing firm by requesting the most current peer review report and the corresponding acceptance

letter from the approved peer review program for the current peer review.

* A school district/joint agreement who engages with an auditing firm who is not licensed and qualified will be required to complete a new audit by a qualified auditing firm

at the school district's/joint agreement's expense.

Comments Applicable to the Auditor's Questionnaire:

Name of Audit Firm (print)

Signature mm/dd/yyyy

BENNING GROUP, LLC

The undersigned affirms that this audit was conducted by a qualified auditing firm and in accordance with the applicable standards [23 Illinois

Administrative Code Part 100] and the scope of the audit conformed to the requirements of subsection (a) or (b) of 23 Illinois Administrative Code

Part 100 Section 110, as applicable.

PART D - EXPLANATION OF ACCOUNTING PRACTICES FOR LATE MANDATED CATEGORICAL PAYMENTS

Account Name

Page 3

1234

56

78

9

10

1112

1314

15

16171819

2021

22

23

24252627

282930

31

32

3334

35

36

37

3839

40414243

44

45

46

47

48

49

50

51

52

53

54

55

56

57585960

61

A B C D E F G H I J K L M

Required to be completed for School Districts only.

A. Tax Rates (Enter the tax rate - ex: .0150 for $1.50)

Tax Year 2015 Equalized Assessed Valuation (EAV): 159,647,038

EducationalOperations &

MaintenanceTransportation Combined Total Working Cash

Rate(s): 0.034800 + 0.005000 + 0.002000 = 0.041800 0.000500

B. Results of Operations *

Receipts/RevenuesDisbursements/

ExpendituresExcess/ (Deficiency) Fund Balance

15,218,978 13,534,599 1,684,379 8,497,544

* The numbers shown are the sum of entries on Pages 7 & 8, lines 8, 17, 20, and 81 for the Educational, Operations & Maintenance,

Transportation and Working Cash Funds.

C. Short-Term Debt **CPPRT Notes TAWs TANs TO/EMP. Orders GSA Certificates

0 + 0 + 0 + 0 + 0 +

Other Total

0 = 0

** The numbers shown are the sum of entries on page 25.

D. Long-Term Debt

Check the applicable box for long-term debt allowance by type of district.

a. 6.9% for elementary and high school districts, 22,031,291

X b. 13.8% for unit districts.

Long-Term Debt Outstanding:

c. Long-Term Debt (Principal only) Acct

Outstanding:……….....…………….... 511 17,063,294

E. Material Impact on Financial Position

If applicable, check any of the following items that may have a material impact on the entity's financial position during future reporting periods.

Attach sheets as needed explaining each item checked.

Pending Litigation

Material Decrease in EAV

Material Increase/Decrease in Enrollment

Adverse Arbitration Ruling

Passage of Referendum

Taxes Filed Under Protest

Decisions By Local Board of Review or Illinois Property Tax Appeal Board (PTAB)

Other Ongoing Concerns (Describe & Itemize)

Comments:

FINANCIAL PROFILE INFORMATION

Printed: 10/11/2016

AFR Meridian 2016

Page 4

1

2

3

4

5

6

7

8

910

1112131415

16171819202122

23242526

27282930

31323334

3536

37

38

39404142

A B C D E F G H I K L M N O P Q R

District Name: MERIDIAN COMMUNITY UNIT SCHOOL DISTRICT NO. 223

District Code: 47-071-2230-26

County Name: OGLE

1. Fund Balance to Revenue Ratio: Total Ratio Score 4Total Sum of Fund Balance (P8, Cells C81, D81, F81 & I81) Funds 10, 20, 40, 70 + (50 & 80 if negative) 8,497,544.00 0.559 Weight 0.35

Funds 10, 20, 40, & 70, 15,208,670.00 Value 1.40

Less: Operating Debt Pledged to Other Funds (P8, Cell C54 thru D74) Minus Funds 10 & 20 (10,308.00)

(Excluding C:D57, C:D61, C:D65, C:D69 and C:D73)

2. Expenditures to Revenue Ratio: Total Ratio Score 4Total Sum of Direct Expenditures (P7, Cell C17, D17, F17, I17) Funds 10, 20 & 40 13,534,599.00 0.890 Adjustment 0

Funds 10, 20, 40 & 70, 15,208,670.00 Weight 0.35

Less: Operating Debt Pledged to Other Funds (P8, Cell C54 thru D74) Minus Funds 10 & 20 (10,308.00)

(Excluding C:D57, C:D61, C:D65, C:D69 and C:D73) 0 Value 1.40

Possible Adjustment:

3. Days Cash on Hand: Total Days Score 4Funds 10, 20 40 & 70 8,545,135.00 227.28 Weight 0.10

Total Sum of Direct Expenditures (P7, Cell C17, D17, F17 & I17) Funds 10, 20, 40 divided by 360 37,596.11 Value 0.40

4. Percent of Short-Term Borrowing Maximum Remaining: Total Percent Score 4Tax Anticipation Warrants Borrowed (P25, Cell F6-7 & F11) Funds 10, 20 & 40 0.00 100.00 Weight 0.10

EAV x 85% x Combined Tax Rates (P3, Cell J7 and J10) (.85 x EAV) x Sum of Combined Tax Rates 5,672,259.26 Value 0.40

5. Percent of Long-Term Debt Margin Remaining: Total Percent Score 1Long-Term Debt Outstanding (P3, Cell H37) 17,063,294.00 22.54 Weight 0.10

Total Long-Term Debt Allowed (P3, Cell H31) 22,031,291.24 Value 0.10

Total Profile Score: 3.70 *

Estimated 2017 Financial Profile Designation: RECOGNITION

* Total Profile Score may change based on data provided on the Financial Profile

Information, page 3 and by the timing of mandated categorical payments. Final score

will be calculated by ISBE.

Total Sum of Cash & Investments (P5, Cell C4, D4, F4, I4 & C5, D5, F5 & I5)

Total Sum of Direct Revenues (P7, Cell C8, D8, F8, & I8)

Total Sum of Direct Revenues (P7, Cell C8, D8, F8 & I8)

ESTIMATED FINANCIAL PROFILE SUMMARY

(Go to the following website for reference to the Financial Profile)

www.isbe.net/sfms/p/profile.htm

Printed: 10/11/2016

AFR Meridian 2016

http://www.isbe.net/sfms/p/profile.htm

BASIC FINANCIAL STATEMENTS

STATEMENT OF ASSETS AND LIABILITIES ARISING FROM CASH TRANSACTIONS

STATEMENT OF POSITION AS OF JUNE 30, 2016

Page 5

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A B C D E F G H I J K

(10) (20) (30) (40) (50) (60) (70) (80) (90)

Acct.

#Educational

Operations &

MaintenanceDebt Services Transportation

Municipal

Retirement/Social

Security

Capital Projects Working Cash TortFire Prevention &

Safety

CURRENT ASSETS (100)

Cash (Accounts 111 through 115) 1 5,993,800 29,689 752,030 1,584,102 313,350 306,404 326,689 240,932 283,178

Investments 120 610,855 8,203,612

Taxes Receivable 130

Interfund Receivables 140

Intergovernmental Accounts Receivable 150

Other Receivables 160

Inventory 170

Prepaid Items 180

Other Current Assets (Describe & Itemize) 190

Total Current Assets 6,604,655 29,689 752,030 1,584,102 313,350 306,404 326,689 240,932 8,486,790

CAPITAL ASSETS (200)

Works of Art & Historical Treasures 210

Land 220

Building & Building Improvements 230

Site Improvements & Infrastructure 240

Capitalized Equipment 250

Construction in Progress 260

Amount Available in Debt Service Funds 340

Amount to be Provided for Payment on Long-Term Debt 350

Total Capital Assets

CURRENT LIABILITIES (400)

Interfund Payables 410

Intergovernmental Accounts Payable 420

Other Payables 430 (5)

Contracts Payable 440

Loans Payable 460

Salaries & Benefits Payable 470 751

Payroll Deductions & Withholdings 480 68,046 (8,508) (11,942) 8,904

Deferred Revenues & Other Current Liabilities 490

Due to Activity Fund Organizations 493

Total Current Liabilities 68,046 (8,513) 0 (11,942) 8,904 0 0 751 0

LONG-TERM LIABILITIES (500)

Long-Term Debt Payable (General Obligation, Revenue, Other) 511

Total Long-Term Liabilities

Reserved Fund Balance 714 1,290,350 40,332

Unreserved Fund Balance 730 5,246,259 38,202 752,030 1,596,044 264,114 306,404 326,689 240,181 8,486,790

Investment in General Fixed Assets

Total Liabilities and Fund Balance 6,604,655 29,689 752,030 1,584,102 313,350 306,404 326,689 240,932 8,486,790

ASSETS

(Enter Whole Dollars)

Print Date: 10/11/2016

AFR Meridian 2016

BASIC FINANCIAL STATEMENTS

STATEMENT OF ASSETS AND LIABILITIES ARISING FROM CASH TRANSACTIONS

STATEMENT OF POSITION AS OF JUNE 30, 2016

Page 6

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2

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41

A B

Acct.

#

CURRENT ASSETS (100)

Cash (Accounts 111 through 115) 1

Investments 120

Taxes Receivable 130

Interfund Receivables 140

Intergovernmental Accounts Receivable 150

Other Receivables 160

Inventory 170

Prepaid Items 180

Other Current Assets (Describe & Itemize) 190

Total Current Assets

CAPITAL ASSETS (200)

Works of Art & Historical Treasures 210

Land 220

Building & Building Improvements 230

Site Improvements & Infrastructure 240


Construction in Progress 260

Amount Available in Debt Service Funds 340

Amount to be Provided for Payment on Long-Term Debt 350

Total Capital Assets

CURRENT LIABILITIES (400)

Interfund Payables 410

Intergovernmental Accounts Payable 420

Other Payables 430

Contracts Payable 440

Loans Payable 460

Salaries & Benefits Payable 470

Payroll Deductions & Withholdings 480

Deferred Revenues & Other Current Liabilities 490

Due to Activity Fund Organizations 493

Total Current Liabilities

LONG-TERM LIABILITIES (500)

Long-Term Debt Payable (General Obligation, Revenue, Other) 511

Total Long-Term Liabilities

Reserved Fund Balance 714

Unreserved Fund Balance 730

Investment in General Fixed Assets

Total Liabilities and Fund Balance

ASSETS


L M N

Account Groups

Agency Fund General Fixed

Assets

General Long-

Term Debt

168,042

168,042

2,569,982

24,545,791

1,097,848

3,316,811

859,910

752,030

16,311,264

32,390,342 17,063,294

168,042

168,042

17,063,294

17,063,294

32,390,342

168,042 32,390,342 17,063,294


AFR Meridian 2016

BASIC FINANCIAL STATEMENT

STATEMENT OF REVENUES RECEIVED/REVENUES, EXPENDITURES/DISBURSED/EXPENDITURES, OTHER

SOURCES (USES) AND CHANGES IN FUND BALANCE

ALL FUNDS - FOR THE YEAR ENDING JUNE 30, 2016

Page 7

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(10) (20) (30) (40) (50) (60) (70) (80) (90)

Acct

#Educational

Operations &


Municipal

Retirement/ Social

Security


Safety

RECEIPTS/REVENUES

LOCAL SOURCES 1000 6,423,331 913,053 1,654,015 311,780 388,267 13,699 80,943 539,036 79,820

FLOW-THROUGH RECEIPTS/REVENUES FROM ONE DISTRICT TO

ANOTHER DISTRICT

2000

0 0 0 0

STATE SOURCES 3000 5,671,348 299,000 55,000 839,034 0 0 0 0 0

FEDERAL SOURCES 4000 680,489 0 0 0 0 0 0 0 0

Total Direct Receipts/Revenues 12,775,168 1,212,053 1,709,015 1,150,814 388,267 13,699 80,943 539,036 79,820

Receipts/Revenues for "On Behalf" Payments 2 3998 2,570,444

Total Receipts/Revenues 15,345,612 1,212,053 1,709,015 1,150,814 388,267 13,699 80,943 539,036 79,820

DISBURSEMENTS/EXPENDITURES

Instruction 1000 7,932,672 160,730

Support Services 2000 2,885,213 1,304,493 844,294 266,472 0 489,120 859,910

Community Services 3000 6,673 0 0 64

Payments to Other Districts & Govermental Units 4000 561,254 0 0 0 0 0 0

Debt Service 5000 0 0 5,880,300 0 0 0 0

Total Direct Disbursements/Expenditures 11,385,812 1,304,493 5,880,300 844,294 427,266 0 489,120 859,910

Disbursements/Expenditures for "On Behalf" Payments 2

4180 2,570,444 0 0 0 0 0 0 0

Total Disbursements/Expenditures 13,956,256 1,304,493 5,880,300 844,294 427,266 0 489,120 859,910

Excess of Direct Receipts/Revenues Over (Under) Direct

Disbursements/Expenditures 3

1,389,356 (92,440) (4,171,285) 306,520 (38,999) 13,699 80,943 49,916 (780,090)

OTHER SOURCES/USES OF FUNDS

OTHER SOURCES OF FUNDS (7000)

PERMANENT TRANSFER FROM VARIOUS FUNDS

Abolishment of the Working Cash Fund 12 7110

Abatement of the Working Cash Fund 12 7110

Transfer of Working Cash Fund Interest 7120

Transfer Among Funds 7130

Transfer of Interest 7140

Transfer from Capital Project Fund to O&M Fund 7150

Transfer of Excess Fire Prevention & Safety Tax and Interest Proceeds

to O&M Fund 4

7160

Transfer to Excess Fire Prevention & Safety Bond and Interest Proceeds

to Debt Service Fund 5

7170

SALE OF BONDS (7200)

Principal on Bonds Sold 7210 3,202,565 9,015,000

Premium on Bonds Sold 7220 966,400

Accrued Interest on Bonds Sold 7230

Sale or Compensation for Fixed Assets 6 7300 111,750

Transfer to Debt Service to Pay Principal on Capital Leases 7400 10,308

Transfer to Debt Service to Pay Interest on Capital Leases 7500 0

Transfer to Debt Service to Pay Principal on Revenue Bonds 7600 0

Transfer to Debt Service Fund to Pay Interest on Revenue Bonds 7700 0

Transfer to Capital Projects Fund 7800 0

ISBE Loan Proceeds 7900

Other Sources Not Classified Elsewhere 7990 19,684 155

Total Other Sources of Funds 19,684 0 4,179,428 111,750 0 0 0 0 9,015,000

OTHER USES OF FUNDS (8000)

Description



AFR Meridian 2016

BASIC FINANCIAL STATEMENT

STATEMENT OF REVENUES RECEIVED/REVENUES, EXPENDITURES/DISBURSED/EXPENDITURES, OTHER

SOURCES (USES) AND CHANGES IN FUND BALANCE

ALL FUNDS - FOR THE YEAR ENDING JUNE 30, 2016

Page 8

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Acct

#Educational

Operations &


Municipal

Retirement/ Social

Security


Safety

Description


46

47

48

49

50

51

52

53

54

55

56

57

58

59

60

61

62

63

64

65

66

67

68

69

70

71

72

73

74

75

76

77

78

79

80

81

PERMANENT TRANSFER TO VARIOUS OTHER FUNDS (8100)

Abolishment or Abatement of the Working Cash Fund 12 8110 0

Transfer of Working Cash Fund Interest 12 8120 0

Transfer Among Funds 8130

Transfer of Interest 8140

Transfer from Capital Project Fund to O&M Fund 8150 0

Transfer of Excess Fire Prevention & Safety Tax & Interest Proceeds to

O&M Fund 4 8160

0

Transfer of Excess Fire Prevention & Safety Bond and Interest Proceeds

to Debt Service Fund 5 8170

0

Taxes Pledged to Pay Principal on Capital Leases 8410 10,308

Grants/Reimbursements Pledged to Pay Principal on Capital Leases 8420

Other Revenues Pledged to Pay Principal on Capital Leases 8430

Fund Balance Transfers Pledged to Pay Principal on Capital Leases 8440

Taxes Pledged to Pay Interest on Capital Leases 8510

Grants/Reimbursements Pledged to Pay Interest on Capital Leases 8520

Other Revenues Pledged to Pay Interest on Capital Leases 8530

Fund Balance Transfers Pledged to Pay Interest on Capital Leases 8540

Taxes Pledged to Pay Principal on Revenue Bonds 8610

Grants/Reimbursements Pledged to Pay Principal on Revenue Bonds 8620

Other Revenues Pledged to Pay Principal on Revenue Bonds 8630

Fund Balance Transfers Pledged to Pay Principal on Revenue Bonds 8640

Taxes Pledged to Pay Interest on Revenue Bonds 8710

Grants/Reimbursements Pledged to Pay Interest on Revenue Bonds 8720

Other Revenues Pledged to Pay Interest on Revenue Bonds 8730

Fund Balance Transfers Pledged to Pay Interest on Revenue Bonds 8740

Taxes Transferred to Pay for Capital Projects 8810

Grants/Reimbursements Pledged to Pay for Capital Projects 8820

Other Revenues Pledged to Pay for Capital Projects 8830

Fund Balance Transfers Pledged to Pay for Capital Projects 8840

Transfer to Debt Service Fund to Pay Principal on ISBE Loans 8910

Other Uses Not Classified Elsewhere 8990

Total Other Uses of Funds 10,308 0 0 0 0 0 0 0 0

Total Other Sources/Uses of Funds 9,376 0 4,179,428 111,750 0 0 0 0 9,015,000

1,398,732 (92,440) 8,143 418,270 (38,999) 13,699 80,943 49,916 8,234,910

Fund Balances - July 1, 2015 5,137,877 130,642 743,887 1,177,774 343,445 292,705 245,746 190,265 251,880

Other Changes in Fund Balances - Increases (Decreases)

(Describe & Itemize)

Fund Balances - June 30, 2016 6,536,609 38,202 752,030 1,596,044 304,446 306,404 326,689 240,181 8,486,790

Excess of Receipts/Revenues and Other Sources of Funds (Over/Under)

Expenditures/Disbursements and Other Uses of Funds


AFR Meridian 2016

STATEMENT OF REVENUES RECEIVED/REVENUES

FOR THE YEAR ENDING JUNE 30, 2016

Page 9

1

2

3

4

5

6

7

8

9

10

1112

13

14

15

16

1718

19

20

21

22

23

24

25

26

27

28

29

30

31

32

33

34

35

36

37

38

3940

41

42

43

44

45

46

47

48

49

50

51


(10) (20) (30) (40) (50) (60) (70) (80) (90)

Acct

#Educational

Operations &


Municipal

Retirement/

Social Security

Capital Projects Working Cash TortFire Prevention

& Safety

RECEIPTS/REVENUES FROM LOCAL SOURCES (1000)

AD VALOREM TAXES LEVIED BY LOCAL EDUCATION AGENCY 1100

Designated Purposes Levies (1110-1120) 7

5,261,622 755,975 1,653,180 302,391 181,061 80,245 484,616 75,599

Leasing Purposes Levy 8 1130 78,953

Special Education Purposes Levy 1140 60,477

FICA/Medicare Only Purposes Levies 1150 176,951

Area Vocational Construction Purposes Levy 1160

Summer School Purposes Levy 1170

Other Tax Levies (Describe & Itemize) 1190

Total Ad Valorem Taxes Levied By District 5,401,052 755,975 1,653,180 302,391 358,012 0 80,245 484,616 75,599

PAYMENTS IN LIEU OF TAXES 1200

Mobile Home Privilege Tax 1210

Payments from Local Housing Authorities 1220

Corporate Personal Property Replacement Taxes 9

1230 76,256 128,000 29,000

Other Payments in Lieu of Taxes (Describe & Itemize) 1290

Total Payments in Lieu of Taxes 76,256 128,000 0 0 29,000 0 0 0 0

TUITION 1300

Regular - Tuition from Pupils or Parents (In State) 1311

Regular - Tuition from Other Districts (In State) 1312

Regular - Tuition from Other Sources (In State) 1313

Regular - Tuition from Other Sources (Out of State) 1314

Summer Sch - Tuition from Pupils or Parents (In State) 1321

Summer Sch - Tuition from Other Districts (In State) 1322

Summer Sch - Tuition from Other Sources (In State) 1323

Summer Sch - Tuition from Other Sources (Out of State) 1324

CTE - Tuition from Pupils or Parents (In State) 1331

CTE - Tuition from Other Districts (In State) 1332

CTE - Tuition from Other Sources (In State) 1333

CTE - Tuition from Other Sources (Out of State) 1334

Special Ed - Tuition from Pupils or Parents (In State) 1341

Special Ed - Tuition from Other Districts (In State) 1342

Special Ed - Tuition from Other Sources (In State) 1343

Special Ed - Tuition from Other Sources (Out of State) 1344

Adult - Tuition from Pupils or Parents (In State) 1351

Adult - Tuition from Other Districts (In State) 1352

Adult - Tuition from Other Sources (In State) 1353

Adult - Tuition from Other Sources (Out of State) 1354

Total Tuition 0

TRANSPORTATION FEES 1400

Regular -Transp Fees from Pupils or Parents (In State) 1411

Regular - Transp Fees from Other Districts (In State) 1412

Regular - Transp Fees from Other Sources (In State) 1413

Regular - Transp Fees from Co-curricular Activities (In State) 1415

Regular Transp Fees from Other Sources (Out of State) 1416

Summer Sch - Transp. Fees from Pupils or Parents (In State) 1421

Summer Sch - Transp. Fees from Other Districts (In State) 1422

Summer Sch - Transp. Fees from Other Sources (In State) 1423

Summer Sch - Transp. Fees from Other Sources (Out of State) 1424

CTE - Transp Fees from Pupils or Parents (In State) 1431

Description (Enter Whole Dollars)

Printed Date: 10/11/2016

AFR Meridian 2016



Page 10

1

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(10) (20) (30) (40) (50) (60) (70) (80) (90)

Acct

#Educational

Operations &


Municipal

Retirement/

Social Security


& Safety


52

53

54

55

56

57

58

59

60

61

6263

64

65

6667

68

69

70

71

72

73

7475

76

77

78

79

80

8182

83

84

85

86

87

88

89

90

91

9293

94

95

96

97

98

99

100

101

CTE - Transp Fees from Other Districts (In State) 1432

CTE - Transp Fees from Other Sources (In State) 1433

CTE - Transp Fees from Other Sources (Out of State) 1434

Special Ed - Transp Fees from Pupils or Parents (In State) 1441

Special Ed - Transp Fees from Other Districts (In State) 1442

Special Ed - Transp Fees from Other Sources (In State) 1443

Special Ed - Transp Fees from Other Sources (Out of State) 1444

Adult - Transp Fees from Pupils or Parents (In State) 1451

Adult - Transp Fees from Other Districts (In State) 1452

Adult - Transp Fees from Other Sources (In State) 1453

Adult - Transp Fees from Other Sources (Out of State) 1454

Total Transportation Fees 0

EARNINGS ON INVESTMENTS 1500

Interest on Investments 1510 23,970 1,261 835 2,928 701 606 698 498 4,221

Gain or Loss on Sale of Investments 1520

Total Earnings on Investments 23,970 1,261 835 2,928 701 606 698 498 4,221

FOOD SERVICE 1600

Sales to Pupils - Lunch 1611 401,291

Sales to Pupils - Breakfast 1612

Sales to Pupils - A la Carte 1613

Sales to Pupils - Other (Describe & Itemize) 1614

Sales to Adults 1620

Other Food Service (Describe & Itemize) 1690 3,330

Total Food Service 404,621

DISTRICT/SCHOOL ACTIVITY INCOME 1700

Admissions - Athletic 1711 27,386

Admissions - Other (Describe & Itemize) 1719

Fees 1720 206,751 8,290

Book Store Sales 1730

Other District/School Activity Revenue (Describe & Itemize) 1790

Total District/School Activity Income 234,137 8,290

TEXTBOOK INCOME 1800

Rentals - Regular Textbooks 1811

Rentals - Summer School Textbooks 1812

Rentals - Adult/Continuing Education Textbooks 1813

Rentals - Other (Describe & Itemize) 1819

Sales - Regular Textbooks 1821

Sales - Summer School Textbooks 1822

Sales - Adult/Continuing Education Textbooks 1823

Sales - Other (Describe & Itemize) 1829

Other (Describe & Itemize) 1890

Total Textbook Income 0

OTHER REVENUE FROM LOCAL SOURCES 1900

Rentals 1910 500

Contributions and Donations from Private Sources 1920 61,592 7,711

Impact Fees from Municipal or County Governments 1930 13,093

Services Provided Other Districts 1940

Refund of Prior Years' Expenditures 1950 48,079 716 619 53,922

Payments of Surplus Moneys from TIF Districts 1960

Drivers' Education Fees 1970 20,181


AFR Meridian 2016



Page 11

1

2


(10) (20) (30) (40) (50) (60) (70) (80) (90)

Acct

#Educational

Operations &


Municipal

Retirement/

Social Security


& Safety


102

103

104

105

106

107108

109

110

111

112

113

114

115

116

117

118

119

120121

122

123

124

125

126

127

128

129

130131

132

133

134

135

136

137

138

139140

141

142

143144

Proceeds from Vendors' Contracts 1980

School Facility Occupation Tax Proceeds 1983

Payment from Other Districts 1991

Sale of Vocational Projects 1992

Other Local Fees (Describe & Itemize) 1993

Other Local Revenues (Describe & Itemize) 1999 153,443 10,600 5,842 554

Total Other Revenue from Local Sources 283,295 19,527 0 6,461 554 13,093 0 53,922 0

Total Receipts/Revenues from Local Sources 1000 6,423,331 913,053 1,654,015 311,780 388,267 13,699 80,943 539,036 79,820

FLOW-THROUGH RECEIPTS/REVENUES FROM

ONE DISTRICT TO ANOTHER DISTRICT (2000)

Flow-through Revenue from State Sources 2100

Flow-through Revenue from Federal Sources 2200

Other Flow-Through (Describe & Itemize) 2300

Total Flow-Through Receipts/Revenues from One District to Another

District

2000

0 0 0 0

RECEIPTS/REVENUES FROM STATE SOURCES (3000)

UNRESTRICTED GRANTS-IN-AID (3001-3099)

General State Aid- Sec. 18-8.05 3001 4,966,208 299,000 55,000 155,000

General State Aid - Hold Harmless/Supplemental 3002 68,117

Reorganization Incentives (Accounts 3005-3021) 3005

Other Unrestricted Grants-In-Aid from State Sources


3099

Total Unrestricted Grants-In-Aid 5,034,325 299,000 55,000 155,000 0 0 0 0

RESTRICTED GRANTS-IN-AID (3100 - 3900)

SPECIAL EDUCATION

Special Education - Private Facility Tuition 3100 28,364

Special Education - Funding for Children Requiring Sp ED Services 3105 225,971

Special Education - Personnel 3110 246,155

Special Education - Orphanage - Individual 3120 1,147

Special Education - Orphanage - Summer Individual 3130

Special Education - Summer School 3145 2,195

Special Education - Other (Describe & Itemize) 3199

Total Special Education 503,832 0 0

CAREER AND TECHNICAL EDUCATION (CTE)

CTE - Technical Education - Tech Prep 3200

CTE - Secondary Program Improvement (CTEI) 3220

CTE - WECEP 3225 2,462

CTE - Agriculture Education 3235

CTE - Instructor Practicum 3240

CTE - Student Organizations 3270

CTE - Other (Describe & Itemize) 3299

Total Career and Technical Education 2,462 0 0

BILINGUAL EDUCATION

Bilingual Ed - Downstate - TPI and TBE 3305 13,011

Bilingual Education Downstate - Transitional Bilingual Education 3310

Total Bilingual Ed 13,011 0


AFR Meridian 2016



Page 12

1

2


(10) (20) (30) (40) (50) (60) (70) (80) (90)

Acct

#Educational

Operations &


Municipal

Retirement/

Social Security


& Safety


145

146

147

148

149

150

151

152

153154

155

156

157

158

159

160

161

162

163

164

165

166

167

168

169

170

171

172

173

174

175

176

177

178

179

180

181

182

183

184

185

186

187

188

State Free Lunch & Breakfast 3360 1,793

School Breakfast Initiative 3365

Driver Education 3370 17,141

Adult Ed (from ICCB) 3410

Adult Ed - Other (Describe & Itemize) 3499

TRANSPORTATION

Transportation - Regular and Vocational 3500 485,681

Transportation - Special Education 3510 198,353

Transportation - Other (Describe & Itemize) 3599

Total Transportation 0 0 684,034 0

Learning Improvement - Change Grants 3610

Scientific Literacy 3660

Truant Alternative/Optional Education 3695

Early Childhood - Block Grant 3705 97,705

Reading Improvement Block Grant 3715

Reading Improvement Block Grant - Reading Recovery 3720

Continued Reading Improvement Block Grant 3725

Continued Reading Improvement Block Grant (2% Set Aside) 3726

Chicago General Education Block Grant 3766

Chicago Educational Services Block Grant 3767

School Safety & Educational Improvement Block Grant 3775

Technology - Technology for Success 3780

State Charter Schools 3815

Extended Learning Opportunities - Summer Bridges 3825

Infrastructure Improvements - Planning/Construction 3920

School Infrastructure - Maintenance Projects 3925

Other Restricted Revenue from State Sources (Describe & Itemize) 3999 1,079

637,023 0 0 684,034 0 0 0 0 0

Total Receipts from State Sources 3000 5,671,348 299,000 55,000 839,034 0 0 0 0 0

RECEIPTS/REVENUES FROM FEDERAL SOURCES (4000)

Federal Impact Aid 4001

Other Unrestricted Grants-In-Aid Received Directly from the Fed Govt


4009

0 0 0 0 0 0 0 0 0

Head Start 4045

Construction (Impact Aid) 4050

MAGNET 4060

Other Restricted Grants-In-Aid Received Directly from the Federal Govt


4090

0 0 0 0 0 0

TITLE VI

Title VI - Innovation and Flexibility Formula 4100

Title VI - District Projects 4105

Total Restricted Grants-In-Aid

UNRESTRICTED GRANTS-IN-AID RECEIVED DIRECTLY FROM FEDERAL GOVT

(4001-4009)

RESTRICTED GRANTS-IN-AID RECEIVED FROM FEDERAL GOVT THRU

THE STATE (4100-4999)

Total Unrestricted Grants-In-Aid Received Directly

from the Federal Govt

Total Restricted Grants-In-Aid Received Directly from Federal Govt

RESTRICTED GRANTS-IN-AID RECEIVED DIRECTLY FROM FEDERAL

GOVT (4045-4090)


AFR Meridian 2016



Page 13

1

2


(10) (20) (30) (40) (50) (60) (70) (80) (90)

Acct

#Educational

Operations &


Municipal

Retirement/

Social Security


& Safety


189

190191

192

193

194

195

196

197

198

199

200201

202

203

204

205

206

207

208

209

210211

212

213

214

215216

217

218

219

220

221

222

223224

225

226

227228

229

230

231

232

233

234

235

236

237

238

239

240

Title VI - Rural Education Initiative (REI) 4107

Title V - Other (Describe & Itemize) 4199

Total Title V 0 0 0 0

FOOD SERVICE

Breakfast Start-Up Expansion 4200

National School Lunch Program 4210 197,156

Special Milk Program 4215

School Breakfast Program 4220 42,276

Summer Food Service Program 4225

Child Adult Care Food Program 4226

Fresh Fruits & Vegetables 4240

Food Service - Other (Describe & Itemize) 4299

Total Food Service 239,432 0

TITLE I

Title I - Low Income 4300 125,801

Title I - Low Income - Neglected, Private 4305

Title I - Comprehensive School Reform 4332

Title I - Reading First 4334

Title I - Even Start 4335

Title I - Reading First SEA Funds 4337

Title I - Migrant Education 4340

Title I - Other (Describe & Itemize) 4399

Total Title I 125,801 0 0 0

TITLE IV

Title IV - Safe & Drug Free Schools - Formula 4400

Title IV - 21st Century Comm Learning Centers 4421

Title IV - Other (Describe & Itemize) 4499

Total Title IV 0 0 0 0

FEDERAL - SPECIAL EDUCATION

Fed - Spec Education - Preschool Flow-Through 4600 14,835

Fed - Spec Education - Preschool Discretionary 4605

Fed - Spec Education - IDEA - Flow Through 4620 230,254

Fed - Spec Education - IDEA - Room & Board 4625

Fed - Spec Education - IDEA - Discretionary 4630

Fed - Spec Education - IDEA - Other (Describe & Itemize) 4699

Total Federal - Special Education 245,089 0 0 0

CTE - PERKINS

CTE - Perkins - Title IIIE - Tech Prep 4770

CTE - Other (Describe & Itemize) 4799

Total CTE - Perkins 0 0 0

Federal - Adult Education 4810

ARRA - General State Aid - Education Stabilization 4850

ARRA - Title I - Low Income 4851

ARRA - Title I - Neglected, Private 4852

ARRA - Title I - Delinquent, Private 4853

ARRA - Title I - School Improvement (Part A) 4854

ARRA - Title I - School Improvement (Section 1003g) 4855

ARRA - IDEA - Part B - Preschool 4856

ARRA - IDEA - Part B - Flow-Through 4857

ARRA - Title IID - Technology-Formula 4860

ARRA - Title IID - Technology-Competitive 4861

ARRA - McKinney - Vento Homeless Education 4862


AFR Meridian 2016



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(10) (20) (30) (40) (50) (60) (70) (80) (90)

Acct

#Educational

Operations &


Municipal

Retirement/

Social Security


& Safety


241

242

243

244

245

246

247

248

249

250

251

252

253

254

255

256

257

258259

260

261

262

263

264

265

266

267

268

269

270

271

272

273

274

275

ARRA - Child Nutrition Equipment Assistance 4863

Impact Aid Formula Grants 4864

Impact Aid Competitive Grants 4865

Qualified Zone Academy Bond Tax Credits 4866

Qualified School Construction Bond Credits 4867

Build America Bond Tax Credits 4868

Build America Bond Interest Reimbursement 4869

ARRA - General State Aid - Other Govt Services Stabilization 4870

Other ARRA Funds - II 4871

Other ARRA Funds - III 4872

Other ARRA Funds - IV 4873

Other ARRA Funds - V 4874

ARRA - Early Childhood 4875

Other ARRA Funds VII 4876

Other ARRA Funds VIII 4877

Other ARRA Funds IX 4878

Other ARRA Funds X 4879

Other ARRA Funds Ed Job Fund Program 4880

Total Stimulus Programs 0 0 0 0 0 0 0 0

Race to the Top Program 4901

Race to the Top - Preschool Expansion Grant 4902

Advanced Placement Fee/International Baccalaureate 4904

Title III - Immigrant Education Program (IEP) 4905

Title III - Language Inst Program - Limited Eng (LIPLEP) 4909 10,929

Learn & Serve America 4910

McKinney Education for Homeless Children 4920

Title II - Eisenhower Professional Development Formula 4930

Title II - Teacher Quality 4932 30,060

Federal Charter Schools 4960

Medicaid Matching Funds - Administrative Outreach 4991 12,240

Medicaid Matching Funds - Fee-for-Service Program 4992 16,938

Other Restricted Revenue from Federal Sources (Describe & Itemize) 4999

680,489 0 0 0 0 0 0 0

Total Receipts/Revenues from Federal Sources 4000 680,489 0 0 0 0 0 0 0 0

Total Direct Receipts/Revenues 12,775,168 1,212,053 1,709,015 1,150,814 388,267 13,699 80,943 539,036 79,820

Total Restricted Grants-In-Aid Received from the Federal Govt

Thru the State


AFR Meridian 2016

STATEMENT OF EXPENDITURES DISBURSED/EXPENDITURES, BUDGET TO ACTUAL


Page 15

1

2

3

4

5

6

7

8

9

10

11

12

13

14

15

16

17

18

19

20

21

22

23

24

25

26

27

28

29

30

31

3233

34

35

36

37

38

39

40

4142

43

44

45

4647

48

49

50

51

5253

A B C D E F G H I J K L

(100) (200) (300) (400) (500) (600) (700) (800) (900)

Funct

#Salaries

Employee

Benefits

Purchased

Services

Supplies &

MaterialsCapital Outlay Other Objects

Non-Capitalized

Equipment

Termination

BenefitsTotal Budget

INSTRUCTION (ED) 1000

Regular Programs 1100 4,674,335 1,117,401 9,143 122,539 5,923,418 5,262,962

Tuition Payment to Charter Schools 1115 0

Pre-K Programs 1125 38,071 8,573 5,362 52,006 74,348

Special Education Programs (Functions 1200-1220) 1200 811,560 143,385 1,764 956,709 1,133,830

Special Education Programs Pre-K 1225 0

Remedial and Supplemental Programs K-12 1250 112,237 30,578 6,057 148,872 122,701

Remedial and Supplemental Programs Pre-K 1275 0

Adult/Continuing Education Programs 1300 0

CTE Programs 1400 225,099 63,840 4,462 293,401 355,384

Interscholastic Programs 1500 305,155 31,770 94,855 20,752 27,625 2,000 482,157 491,431

Summer School Programs 1600 0

Gifted Programs 1650 0

Driver's Education Programs 1700 1,791 239 889 2,919 84,700

Bilingual Programs 1800 55,492 17,386 312 73,190 206,303

Truant Alternative & Optional Programs 1900 0

Pre-K Programs - Private Tuition 1910 0

Regular K-12 Programs - Private Tuition 1911 0

Special Education Programs K-12 - Private Tuition 1912 0

Special Education Programs Pre-K - Tuition 1913 0

Remedial/Supplemental Programs K-12 - Private Tuition 1914 0

Remedial/Supplemental Programs Pre-K - Private Tuition 1915 0

Adult/Continuing Education Programs - Private Tuition 1916 0

CTE Programs - Private Tuition 1917 0

Interscholastic Programs - Private Tuition 1918 0

Summer School Programs - Private Tuition 1919 0

Gifted Programs - Private Tuition 1920 0

Bilingual Programs - Private Tuition 1921 0

Truants Alternative/Optional Ed Progms - Private Tuition 1922 0

Total Instruction 10 1000 6,223,740 1,413,172 105,762 160,373 27,625 2,000 0 0 7,932,672 7,731,659

SUPPORT SERVICES (ED) 2000

SUPPORT SERVICES - PUPILS

Attendance & Social Work Services 2110 0

Guidance Services 2120 46,888 7,427 6,311 42 60,668 287,795

Health Services 2130 96,929 9,595 9,757 4,552 92 120,925 145,367

Psychological Services 2140 0

Speech Pathology & Audiology Services 2150 0 70,977

Other Support Services - Pupils (Describe & Itemize) 2190 0

Total Support Services - Pupils 2100 143,817 17,022 16,068 4,594 92 0 0 0 181,593 504,139

SUPPORT SERVICES - INSTRUCTIONAL STAFF

Improvement of Instruction Services 2210 2,275 283 31,410 33,968 42,113

Educational Media Services 2220 178,012 31,534 21,795 231,341 258,758

Assessment & Testing 2230 0

Total Support Services - Instructional Staff 2200 180,287 31,817 31,410 21,795 0 0 0 0 265,309 300,871

SUPPORT SERVICES - GENERAL ADMINISTRATION

Board of Education Services 2310 414 17,246 90,596 8,554 17,238 134,048 168,020

Executive Administration Services 2320 189,216 43,743 14,166 10,792 257,917 247,568

Special Area Administration Services 2330 0 8,470

Tort Immunity Services2360 -

2370 93,288 93,288 94,000

Total Support Services - General Administration 2300 189,630 60,989 198,050 19,346 0 17,238 0 0 485,253 518,058


10 - EDUCATIONAL FUND (ED)


AFR Meridian 2016



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(100) (200) (300) (400) (500) (600) (700) (800) (900)

Funct

#Salaries

Employee

Benefits

Purchased

Services

Supplies &


Non-Capitalized

Equipment

Termination



54

55

5657

58

59

60

61

62

63

6465

66

67

68

69

70

7172

73

74

75

76

77

78

79

80

81

82

83

84

85

86

87

88

89

90

91

92

93

94

95

SUPPORT SERVICES - SCHOOL ADMINISTRATION

Office of the Principal Services 2410 631,412 170,949 4,126 1,273 807,760 700,827

Other Support Services - School Admin (Describe & Itemize) 2490 0

Total Support Services - School Administration 2400 631,412 170,949 4,126 0 0 1,273 0 0 807,760 700,827

SUPPORT SERVICES - BUSINESS

Direction of Business Support Services 2510 0

Fiscal Services 2520 51,675 29 26,192 4,243 82,139 77,500

Operation & Maintenance of Plant Services 2540 6,731 941 7,672 7,863

Pupil Transportation Services 2550 0 9,997

Food Services 2560 157,985 5,740 2,170 271,532 12,520 1,905 451,852 541,600

Internal Services 2570 0

Total Support Services - Business 2500 216,391 6,710 28,362 275,775 12,520 1,905 0 0 541,663 636,960

SUPPORT SERVICES - CENTRAL

Direction of Central Support Services 2610 0

Planning, Research, Development, & Evaluation Services 26200

Information Services 2630 54,391 11,272 204,093 46,563 265,257 581,576 512,000

Staff Services 2640 5,278 16,781 22,059 13,000

Data Processing Services 2660 0

Total Support Services - Central 2600 54,391 16,550 220,874 46,563 265,257 0 0 0 603,635 525,000

Other Support Services (Describe & Itemize) 2900 0

Total Support Services 2000 1,415,928 304,037 498,890 368,073 277,869 20,416 0 0 2,885,213 3,185,855

COMMUNITY SERVICES (ED) 3000 4,289 2,002 382 6,673 1,784

PAYMENTS TO OTHER DISTRICTS & GOVT UNITS (ED) 4000

PAYMENTS TO OTHER GOVT UNITS (IN-STATE)

Payments for Regular Programs 4110 0

Payments for Special Education Programs 4120 1,200 2,500 3,700

Payments for Adult/Continuing Education Programs 4130 0

Payments for CTE Programs 4140 0

Payments for Community College Programs 4170 0

Other Payments to In-State Govt. Units (Describe & Itemize) 4190 66,119 66,119 70,000

Total Payments to Other Govt Units (In-State) 4100 67,319 2,500 69,819 70,000

Payments for Regular Programs - Tuition 4210 0 550,000

Payments for Special Education Programs - Tuition 4220 457,277 457,277 20,000

Payments for Adult/Continuing Education Programs - Tuition 4230 0

Payments for CTE Programs - Tuition 4240 34,158 34,158

Payments for Community College Programs - Tuition 4270 0

Payments for Other Programs - Tuition 4280 0

Other Payments to In-State Govt Units 4290 0

Total Payments to Other Govt Units -Tuition (In

State)4200

491,435 491,435 570,000

Payments for Regular Programs - Transfers 4310 0

Payments for Special Education Programs - Transfers 4320 0

Payments for Adult/Continuing Ed Programs-Transfers 4330 0


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Benefits

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Services

Supplies &


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Equipment

Termination



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97

98

99

100

101

102

103

104

105

106

107

108

109110

111

112

113

114

115116

117

118

119

120

121

122

123

124

125

126

127

128129

130

131

132

133

134

135136

137

138

139

140

141

142

Payments for CTE Programs - Transfers 4340 0

Payments for Community College Program - Transfers 4370 0

Payments for Other Programs - Transfers 4380 0

Other Payments to In-State Govt Units - Transfers 4390 0

Total Payments to Other Govt Units -Transfers (In-State)4300

0 0 0 0

Payments to Other Govt Units (Out-of-State) 4400 0

Total Payments to Other Govt Units 4000 67,319 493,935 561,254 640,000

DEBT SERVICES (ED) 5000

DEBT SERVICES - INTEREST ON SHORT-TERM DEBT

Tax Anticipation Warrants 5110 0

Tax Anticipation Notes 5120 0

Corporate Personal Prop. Repl. Tax Anticipation Notes 5130 0

State Aid Anticipation Certificates 5140 0

Other Interest on Short-Term Debt 5150 0

Total Interest on Short-Term Debt 5100 0 0 0

Debt Services - Interest on Long-Term Debt 5200 0

Total Debt Services 5000 0 0 0

PROVISIONS FOR CONTINGENCIES (ED) 6000

Total Direct Disbursements/Expenditures 7,643,957 1,719,211 672,353 528,446 305,494 516,351 0 0 11,385,812 11,559,298

Excess (Deficiency) of Receipts/Revenues Over

Disbursements/Expenditures 1,389,356

SUPPORT SERVICES (O&M) 2000





Facilities Acquisition & Construction Services 2530 0

Operation & Maintenance of Plant Services 2540 442,808 103,617 243,157 431,295 83,616 1,304,493 1,293,000

Pupil Transportation Services 2550 0

Food Services 2560 0

Total Support Services - Business 2500 442,808 103,617 243,157 431,295 83,616 0 0 0 1,304,493 1,293,000


Total Support Services 2000 442,808 103,617 243,157 431,295 83,616 0 0 0 1,304,493 1,293,000

COMMUNITY SERVICES (O&M) 3000 0

PAYMENTS TO OTHER DIST & GOVT UNITS (O&M) 4000


Payments for Special Education Programs 4120 0


Other Payments to In-State Govt. Units


4190

0

Total Payments to Other Govt. Units (In-State) 4100 0 0 0 0

Payments to Other Govt. Units (Out of State) 4400 0

Total Payments to Other Govt Units 4000 0 0 0 0

DEBT SERVICES (O&M) 5000




20 - OPERATIONS & MAINTENANCE FUND (O&M)


AFR Meridian 2016



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Equipment

Termination



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144

145146

147148

149

150

151152

153

154

155

156

157

158

159

160

161

162

163

164

165

166

167

168

169170

171

172

173

174

175

176177

178

179

180

181

182

183

184

185

186

187188



Other Interest on Short-Term Debt (Describe & Itemize) 5150 0

Total Debt Service - Interest on Short-Term Debt 5100 0 0 0

DEBT SERVICE - INTERST ON LONG-TERM DEBT 5200 0 0 0


PROVISIONS FOR CONTINGENCIES (O&M) 6000

442,808 103,617 243,157 431,295 83,616 0 0 0 1,304,493 1,293,000

(92,440)

PAYMENTS TO OTHER DIST & GOVT UNITS (DS) 4000 0

DEBT SERVICES (DS) 5000







Total Debt Services - Interest On Short-Term Debt 5100 0 0 0

DEBT SERVICES - INTEREST ON LONG-TERM DEBT 5200 2,286,382 2,286,382 1,705,000

DEBT SERVICES - PAYMENTS OF PRINCIPAL ON LONG-TERM

DEBT (Lease/Purchase Principal Retired) 11

5300

3,388,264 3,388,264

DEBT SERVICES - OTHER (Describe & Itemize) 5400 205,654 205,654

Total Debt Services 5000 0 5,880,300 5,880,300 1,705,000

PROVISION FOR CONTINGENCIES (DS) 6000

Total Disbursements/ Expenditures 0 5,880,300 5,880,300 1,705,000


Disbursements/Expenditures (4,171,285)

40 - TRANSPORTATION FUND (TR)

SUPPORT SERVICES (TR)




Pupil Transportation Services 2550 385,997 48,306 325,324 84,667 844,294 1,026,751


Total Support Services 2000 385,997 48,306 325,324 84,667 0 0 0 0 844,294 1,026,751

COMMUNITY SERVICES (TR) 3000 0

PAYMENTS TO OTHER DIST & GOVT UNITS (TR) 4000


Payments for Regular Programs 4110 0


Payments for Adult/Continuing Education Programs 4130 0


Payments for Community College Programs 4170 0



4190

0

Total Payments to Other Govt. Units (In-State) 4100 0 0 0 0

30 - DEBT SERVICES (DS)

Total Direct Disbursements/Expenditures

Excess (Deficiency) of Receipts/Revenues/Over Disbursements/

Expenditures


AFR Meridian 2016



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Equipment

Termination



189190

191

192

193

194

195

196

197

198

199

200

201202

203

204

205206

207

208

209

210

211

212

213

214

215

216

217

218

219

220

221

222223

224

225

226

227

228

229

230

231232

233

234

235

236237

PAYMENTS TO OTHER GOVT UNITS (OUT-OF-STATE) 4400 0


DEBT SERVICES (TR) 5000

DEBT SERVICE - INTEREST ON SHORT-TERM DEBT






Total Debt Services - Interest On Short-Term Debt 5100 0 0 0

DEBT SERVICES - INTEREST ON LONG-TERM DEBT 5200 0

DEBT SERVICE - PAYMENTS OF PRINCIPAL ON LONG-TERM

DEBT (Lease/Purchase Principal Retired) 11

5300

0

DEBT SERVICES - OTHER (Describe & Itemize) 5400 0


PROVISION FOR CONTINGENCIES (TR) 6000

Total Disbursements/ Expenditures 385,997 48,306 325,324 84,667 0 0 0 0 844,294 1,026,751


Disbursements/Expenditures 306,520

INSTRUCTION (MR/SS) 1000

Regular Programs 1100 77,412 77,412 32,100

Pre-K Programs 1125 1,154 1,154 1,310

Special Education Programs (Functions 1200-1220) 1200 63,523 63,523 92,000

Special Education Programs - Pre-K 1225 0

Remedial and Supplemental Programs - K-12 1250 1,323 1,323 1,133

Remedial and Supplemental Programs - Pre-K 1275 0

Adult/Continuing Education Programs 1300 0

CTE Programs 1400 3,334 3,334 4,200

Interscholastic Programs 1500 13,143 13,143 19,968

Summer School Programs 1600 0

Gifted Programs 1650 0

Driver's Education Programs 1700 23 23 1,000

Bilingual Programs 1800 818 818 5,500

Truants' Alternative & Optional Programs 1900 0

Total Instruction 1000 160,730 160,730 157,211

SUPPORT SERVICES (MR/SS) 2000


Attendance & Social Work Services 2110 0

Guidance Services 2120 1,086 1,086 2,600

Health Services 2130 12,712 12,712 23,400

Psychological Services 2140 0

Speech Pathology & Audiology Services 2150 0 1,000


Total Support Services - Pupils 2100 13,798 13,798 27,000

SUPPORT SERVICES - INSTRUCTIONAL STAFF

Improvement of Instruction Services 2210 35 35

Educational Media Services 2220 11,261 11,261 15,435

Assessment & Testing 2230 0

Total Support Services - Instructional Staff 2200 11,296 11,296 15,435

50 - MUNICIPAL RETIREMENT/SOCIAL SECURITY FUND

(MR/SS)


AFR Meridian 2016



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Equipment

Termination



238

239

240

241

242

243

244

245

246

247

248

249

250251

252

253

254255

256

257

258

259

260

261

262

263264

265

266

267268

269

270271

272273

274

275

276

277278

279

280

281

282

283


Board of Education Services 2310 0 200

Executive Administration Services 2320 14,847 14,847 16,700

Service Area Administrative Services 2330 0

Claims Paid from Self Insurance Fund 2361 0

Workers' Compensation or Workers' Occupation Disease Acts

Payments

2362

0

Unemployment Insurance Payments 2363 0

Insurance Payments (Regular or Self-Insurance) 2364 0

Risk Management and Claims Services Payments 2365 0

Judgment and Settlements 2366 0

Educational, Inspectional, Supervisory Services Related to Loss

Prevention or Reduction

2367

3,015 3,015

Reciprocal Insurance Payments 2368 0

Legal Services 2369 0

Total Support Services - General Administration 2300 17,862 17,862 16,900

SUPPORT SERVICES - SCHOOL ADMINISTRATION

Office of the Principal Services 2410 46,317 46,317 53,000

Other Support Services - School Administration


2490

0

Total Support Services - School Administration 2400 46,317 46,317 53,000



Fiscal Services 2520 9,482 9,482 12,500

Facilities Acquisition & Construction Services 2530 0

Operation & Maintenance of Plant Services 2540 76,638 76,638 103,258

Pupil Transportation Services 2550 59,204 59,204 57,000

Food Services 2560 24,368 24,368 22,400

Internal Services 2570 0

Total Support Services - Business 2500 169,692 169,692 195,158

SUPPORT SERVICES - CENTRAL

Direction of Central Support Services 2610 0

Planning, Research, Development, & Evaluation Services2620

0

Information Services 2630 7,507 7,507 11,700

Staff Services 2640 0

Data Processing Services 2660 0

Total Support Services - Central 2600 7,507 7,507 11,700


Total Support Services 2000 266,472 266,472 319,193

COMMUNITY SERVICES (MR/SS) 3000 64 64

PAYMENTS TO OTHER DIST & GOVT UNITS (MR/SS) 4000



Total Payments to Other Govt Units 4000 0 0 0

DEBT SERVICES (MR/SS) 5000

DEBT SERVICE - INTEREST ON SHORT-TERM DEBT





AFR Meridian 2016



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Services

Supplies &


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Equipment

Termination



284

285286

287

288

289290

291

292

293

294

295296

297

298

299

300

301

302303

304

305

306307

308309

310

311

312

313

314

315

316

317

318

319

320

321

322323

324

325

326

327


Other (Describe & Itemize) 5150 0

Total Debt Services - Interest 5000 0 0 0

PROVISION FOR CONTINGENCIES (MR/SS) 6000

427,266 0 427,266 476,404


Disbursements/Expenditures (38,999)

SUPPORT SERVICES (CP) 2000


Facilities Acquisition and Construction Services 2530 0


Total Support Services 2000 0 0 0 0 0 0 0 0 0 0

PAYMENTS TO OTHER DIST & GOVT UNITS (CP) 4000

PAYMENTS TO OTHER GOVT UNITS (In-State)

Payments to Other Govt Units (In-State) 4100 0



Other Payments to In-State Govt. Units (Describe & Itemize) 4190 0


PROVISION FOR CONTINGENCIES (S&C/CI) 6000

0 0 0 0 0 0 0 0 0 0

13,699


Claims Paid from Self Insurance Fund 2361 0

Workers' Compensation or Workers' Occupation Disease Acts

Payments

2362

0

Unemployment Insurance Payments 2363 11,760 11,760

Insurance Payments (Regular or Self-Insurance) 2364 0

Risk Management and Claims Services Payments 2365 136,388 136,388 137,000

Judgment and Settlements 2366 0

Educational, Inspectional, Supervisory Services Related to Loss

Prevention or Reduction

2367

69,265 21,043 154,421 81,295 326,024 356,574

Reciprocal Insurance Payments 2368 0

Legal Services 2369 14,948 14,948 20,000

Property Insurance (Buildings & Grounds) 2371 0

Vehicle Insurance (Transporation) 2372 0

Total Support Services - General Administration 2000 69,265 21,043 317,517 0 81,295 0 0 0 489,120 513,574

DEBT SERVICES (TF) 5000




60 - CAPITAL PROJECTS (CP)


Disbursements/Expenditures

Total Disbursements/ Expenditures

Total Disbursements/Expenditures

70 - WORKING CASH (WC)

80 - TORT FUND (TF)


AFR Meridian 2016



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Equipment

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328

329

330

331

332333

334

335

336

337

338339

340341

342

343

344

345

346

347

348349

350

351352

353

354

355

Other Interest or Short-Term Debt 5150 0

Total Debt Services - Interest on Short-Term Debt 5000 0 0 0

PROVISIONS FOR CONTINGENCIES (TF) 6000

Total Disbursements/Expenditures 69,265 21,043 317,517 0 81,295 0 0 0 489,120 513,574

49,916

SUPPORT SERVICES (FP&S) 2000


Facilities Acquisition & Construction Services 2530 859,910 859,910

Operation & Maintenance of Plant Services 2540 0

Total Support Services - Business 2500 0 0 0 0 859,910 0 0 0 859,910 0


Total Support Services 2000 0 0 0 0 859,910 0 0 0 859,910 0

PAYMENTS TO OTHER DIST & GOVT UNITS (FP&S) 4000



4190

0

Total Payments to Other Govt Units 4000 0 0 0

DEBT SERVICES (FP&S) 5000

DEBT SERVICES- INTEREST ON SHORT-TERM DEBT



Total Debt Service - Interest on Short-Term Debt 5100 0 0 0

DEBT SERVICES - INTEREST ON LONG-TERM DEBT 5200 0

Debt Service - Payments of Principal on Long-Term Debt 15

(Lease/Purchase Principal Retired)

5300

0

Total Debt Service 5000 0 0 0

PROVISION FOR CONTINGENCIES (FP&S) 6000

Total Disbursements/Expenditures 0 0 0 0 859,910 0 0 0 859,910 0


Disbursements/Expenditures (780,090)

90 - FIRE PREVENTION & SAFETY FUND (FP&S)


Disbursements/Expenditures


AFR Meridian 2016

FEDERAL STIMULUS - AMERICAN RECOVERY AND REINVESTMENT ACT (ARRA) of 2009

(Detailed Schedule of Receipts and Disbursements)

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30

31

32

33

34

35

36

37383940414243444546

47

48

49

50

51

52

53

54

55

56


----RECEIPTS----

(100) (200) (300) (400) (500) (600) (700) (800) (900)

ARRA Revenue Source CodeAcct

#ARRA Receipts Salaries

Employee

Benefits

Purchased

Services

Supplies &

MaterialsCapital Outlay Other

Non-Capitalized

Equipment

Termination

Benefits

Total

Expenditures

Beginning Balance July 1, 2015

ARRA - General State Aid 4850 0 0

ARRA - Title I Low Income 4851 0 0

ARRA - Title I Neglected - Private 4852 0 0

ARRA - Title I Delinquent - Private 4853 0 0

ARRA - Title I School Improvement (Part A) 4854 0 0

ARRA - Title I School Improvement (Section 1003g) 4855 0 0

ARRA - IDEA Part B Preschool 4856 0 0

ARRA - IDEA Part B Flow Through 4857 0 0

ARRA - Title II D Technology Formula 4860 0 0

ARRA - Title II D Technology Competitive 4861 0 0

ARRA - McKenney - Vento Homeless Education 4862 0 0

ARRA - Child Nutrition Equipment Assistance 4863 0 0

Impact Aid Construction Formula 4864 0 0

Impact Aid Construction Competitive 4865 0 0

QZAB Tax Credits 4866 0 0

QSCB Tax Credits 4867 0 0

Build America Bonds Tax Credits 4868 0 0

Build America Bonds Interest Reimbursement 4869 0 0

ARRA - General State Aid - Other Govt Services Stabilization 4870 0 0

ARRA - Other II 4871 0 0

ARRA - Other III 4872 0 0

ARRA - Other IV 4873 0 0

ARRA - Other V 4874 0 0

ARRA - Early Childhood 4875 0 0

ARRA - Other VII 4876 0 0

ARRA - Other VIII 4877 0 0

ARRA - Other IX 4878 0 0

ARRA - Other X 4879 0 0

ARRA - Other XI 4880 0 0

Total ARRA Programs 0 0 0 0 0 0 0 0 0

Ending Balance June 30, 2016 0

1. Were any funds from the State Fiscal Stabilization Fund Program (SFSF) General State-Aid Accounts 4850, line 5 & 4870, line 23

used for the following non-allowable purposes:

Payments of maintenance costs;

Stadiums or other facilities used for athletic contests, exhibitions or other events for which admission is charged to the general public;

Purchase or upgrade of vehicles;

Improvements of stand-alone facilities whose purpose is not the education of children such as central office administrative buildings;

Financial assistance to students to attend private elementary or secondary schools unless the funds are used to provide special

education and related services to children with disabilities as authorized by the IDEA Act;

School modernization, renovation, or repair that is inconsistent with State Law.

2. If any above boxes are checked provide the total amount

of questioned costs and provide an explanation below:

-------------------------------------------------------------------------------------------DISBURSEMENTS------------------------------------------------------------------------------------District's Accounting Basis is CASH

Print Date: AFR Meridian 2016

10/11/2016

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9

10

11

12

13

14

15

16

17

18

19

20

21

22

A B C D E F

SCHEDULE OF AD VALOREM TAX RECEIPTS

Taxes Received

7-1-15 Thru 6-30-16

(from 2014 Levy &

Prior Levies) *

Taxes Received

(from the 2015 Levy)

Taxes Received

(from 2014 & Prior

Levies)

Total Estimated Taxes


Estimated Taxes Due


(Column B - C) (Column E - C)

Educational 5,261,622 2,036,379 3,225,243 5,551,973 3,515,594

Operations & Maintenance 755,975 292,581 463,394 797,697 505,116

Debt Services ** 1,653,180 651,040 1,002,140 1,775,036 1,123,996

Transportation 302,391 117,033 185,358 319,079 202,046

Municipal Retirement 181,061 77,025 104,036 210,113 133,088

Capital Improvements 0 0 0

Working Cash 80,245 32,189 48,056 79,770 47,581

Tort Immunity 484,616 190,728 293,888 520,099 329,371

Fire Prevention & Safety 75,599 29,257 46,342 79,770 50,513

Leasing Levy 78,953 30,897 48,056 79,770 48,873

Special Education 60,477 23,405 37,072 63,816 40,411

Area Vocational Construction 0 0 0

Social Security/Medicare Only 176,951 77,025 99,926 210,113 133,088

Summer School 0 0 0

Other (Describe & Itemize) 0 0 0

Totals 9,111,070 3,557,559 5,553,511 9,687,236 6,129,677

* The formulas in column B are unprotected to be overidden when reporting on a ACCRUAL basis.

** All tax receipts for debt service payments on bonds must be recorded on line 6 (Debt Services).



AFR Meridian 2016

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56

7

8

9

10

11

12

13

14

15

1617

18

19

20

21

22

23

24

25

26

2728

29

3031

323334353637383940414243444546

47484950

5152535455

A B C D E F G H I J

Outstanding

Beginning 07/01/15

Issued 07/01/15

Through 06/30/16

Retired 07/01/15

Through 06/30/16

Outstanding

Ending 06/30/16

0

Educational Fund 0

Operations & Maintenance Fund 0

Debt Services - Construction 0

Debt Services - Working Cash 0

Debt Services - Refunding Bonds 0

Transportation Fund 0

Municipal Retirement/Social Security Fund 0

Fire Prevention & Safety Fund 0

Other - (Describe & Itemize) 0

0 0 0 0

0

0

0

0

0 0 0 0

0

0

0

Identification or Name of IssueDate of Issue

(mm/dd/yy)

Amount of Original

IssueType of Issue *

Outstanding

Beginning 07/1/15

Issued 7/1/15 thru

6/30/16

Any differences

described and

itemized

Retired 7/1/15 thru

6/30/16

Outstanding

Ending 6/30/16

Amount to be

Provided for

Payment on Long-

Term Debt

JP Morgan Capital Appreciation School Bonds 06/15/00 9,650,000 7 7,126,356 472,565 (2,525,118) 1,575,000 3,498,803 2,746,773

0

General Obligation School Bonds, Series 2002 08/27/02 2,060,000 2 1,087,953 781,894 59,732 1,810,115 1,810,115

0

General Obligation School Bonds, Series 2016A 03/29/16 11,095,000 4,3 11,095,000 11,095,000 11,095,000

0

General Obligation School Bonds, Series 2016B 03/29/16 650,000 3 650,000 650,000 650,000

0

Kansas State Bank 09/01/15 19,684 8 19,684 10,308 9,376 9,376

0

0

0

0

0

0

0

0

0

23,474,684 8,214,309 12,237,249 (1,743,224) 1,645,040 17,063,294 16,311,264

* Each type of debt issued must be identified separately with the amount:

1. Working Cash Fund Bonds 7. Other

2. Funding Bonds 5. Tort Judgment Bonds 8. Other

3. Refunding Bonds 6. Building Bonds 9. Other

4. Fire Prevent, Safety, Environmental and Energy Bonds Capital Apprecation School Bonds

Capital Lease

Educational Fund

Operations & Maintenance Fund

Fire Prevention & Safety Fund

Other - (Describe & Itemize)

Total TANs

TEACHERS'/EMPLOYEES' ORDERS (T/EO)

Total T/EOs (Educational, Operations & Maintenance, &

Transportation Funds)

SCHEDULE OF LONG-TERM DEBT

GENERAL STATE-AID ANTICIPATION CERTIFICATES (GSAAC)

Total GSAACs (All Funds)

OTHER SHORT-TERM BORROWING

Total Other Short-Term Borrowing (Describe & Itemize)

SCHEDULE OF SHORT-TERM DEBT

TAX ANTICIPATION NOTES (TAN)


Total CPPRT Notes

TAX ANTICIPATION WARRANTS (TAW)

Total TAWs

CORPORATE PERSONAL PROPERTY REPLACEMENT TAX

ANTICIPATION NOTES (CPPRT)


AFR Meridian 2016

Schedule of Restricted Local Tax Levies and Selected Revenues Sources

Schedule of Tort Immunity Expenditures

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2021

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2627

282930

31

323334

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40

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42

43

4445

4647

48


Account No Tort Immunity a Special Education

Area Vocational

Construction

School Facility

Occupation

Taxes b

Driver Education

10, 20, 40 or 50-1100 60,477

Earnings on Investments 10, 20, 40, 50 or 60-1500 558

Drivers' Education Fees 10-1970 20,181

School Facility Occupation Tax Proceeds 30 or 60-1983

Driver Education 10 or 20-3370 17,141

--

10, 20, 40 or 60-7200

Total Receipts 0 61,035 0 0 37,322

10 or 50-1000 61,035 37,322

20 or 60-2530

10, 20, 40-2360-2370

DEBT SERVICE

30-5200

30-5300

30-5400

Total Debt Services 0

--

Total Disbursements 0 61,035 0 0 37,322

Ending Cash Basis Fund Balance as of June 30, 2016 0 0 0 0 0

Reserved Fund Balance 714

Unreserved Fund Balance 730 0 0 0 0 0

SCHEDULE OF TORT IMMUNITY EXPENDITURES a

Yes No Has the entity established an insurance reserve pursuant to 745 ILCS 10/9-103?

If yes, list in the aggregate the following: Total Claims Payments:

Total Reserve Remaining: Using the following categories, list all other Tort Immunity expenditures not

included in line 30 above. Include the total dollar amount for each category.

Expenditures:

Workers' Compensation Act and/or Workers' Occupational Disease Act

Unemployment Insurance Act

Insurance (Regular or Self-Insurance)

Risk Management and Claims Service

Judgments/Settlements

Reciprocal Insurance Payments (Insurance Code 72, 76, and 81)

Legal Services

Principal and Interest on Tort Bonds

a Schedules for Tort Immunity are to be completed only if expenditures have been reported in any fund other than the Tort Immunity Fund (80) during the fiscal year as a result of existing (restricted) fund balances

in those other funds that are being spent down. Cell G6 above should include interest earnings only from these restricted tort immunity monies and only if reported in a fund other than Tort Immunity Fund (80).

b 55 ILCS 5/5-1006.7

SCHEDULE OF RESTRICTED LOCAL TAX LEVIES AND SELECTED REVENUE SOURCES

Ad Valorem Taxes Received by District

Sale of Bonds

Other Receipts (Describe & Itemize on tab "Itemization 32")

Instruction

Facilities Acquisition & Construction Services

Tort Immunity Services

Other Disbursements (Describe & Itemize on tab "Itemization 32")

Debt Services - Payments of Principal on Long-Term Debt

(Lease/Purchase Principal Retired)

Debt Services Other (Describe & Itemize on tab "Itemization 32")

Educational, Inspectional, Supervisory Services Related to Loss Prevention and/or Reduction


Cash Basis Fund Balance as of July 1, 2015

RECEIPTS:

DISBURSEMENTS:

Debt Services - Interest on Long-Term Debt


AFR Meridian 2016

Page 27

1

2

3

4

5

6

7

8

9

10

11

12

13

14

15

16

17

18


Schedule of Capital Outlay and Depreciation

Description of Assets (Enter Whole Dollars)

Acct

#

Cost

Beginning

7/1/15

Add:

Additions

2015-2016

Less:

Deletions

2015-2016

Cost Ending

6/30/16

Life In

Years

Accumulated

Depreciation

Beginning

7/1/15

Add:

Depreciation

Allowable

2015-2016

Less:

Depreciation

Deletions

2015-2016

Accumulated

Depreciation

Ending

6/30/16

Ending Balance

Undepreciated

6/30/16

Works of Art & Historical Treasures 210 0 0 0

Land 220

Non-Depreciable Land 221 2,569,982 2,569,982 2,569,982

Depreciable Land 222 0 50 0 0

Buildings 230

Permanent Buildings 231 24,545,791 24,545,791 50 9,938,012 448,546 10,386,558 14,159,233

Temporary Buildings 232 0 20 0 0

Improvements Other than Buildings

(Infrastructure)240

1,097,848 1,097,84820

667,467 44,072711,539 386,309


10 Yr Schedule 251 2,719,916 470,404 219,896 2,970,424 10 1,483,266 262,651 219,896 1,526,021 1,444,403

5 Yr Schedule 252 1,101,060 754,673 346,387 5 1,071,419 4,860 754,673 321,606 24,781

3 Yr Schedule 253 0 3 0 0

Construction in Progress 260 859,910 859,910 -- 859,910

Total Capital Assets 200 32,034,597 1,330,314 974,569 32,390,342 13,160,164 760,129 974,569 12,945,724 19,444,618

Non-Capitalized Equipment 700 0 10 0

Allowable Depreciation 760,129


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1

2

3

4

5

6

7891011

121314

1516171819202122232425262728293031

3233343536373839404142434445464748495051

5253545556575859606162636465666768697071

7273747576

7778

79

A B C D E F G

Fund Sheet, Row ACCOUNT NO - TITLE Amount

EXPENDITURES:

ED Expenditures 15-22, L114 Total Expenditures $ 11,385,812

O&M Expenditures 15-22, L150 Total Expenditures 1,304,493

DS Expenditures 15-22, L168 Total Expenditures 5,880,300

TR Expenditures 15-22, L204 Total Expenditures 844,294

MR/SS Expenditures 15-22, L288 Total Expenditures 427,266

TORT Expenditures 15-22, L331 Total Expenditures 489,120

Total Expenditures $ 20,331,285

LESS RECEIPTS/REVENUES OR DISBURSEMENTS/EXPENDITURES NOT APPLICABLE TO THE REGULAR K-12 PROGRAM:

TR Revenues 9-14, L43, Col F 1412 Regular - Transp Fees from Other Districts (In State) $ 0

TR Revenues 9-14, L47, Col F 1421 Summer Sch - Transp. Fees from Pupils or Parents (In State) 0

TR Revenues 9-14, L48, Col F 1422 Summer Sch - Transp. Fees from Other Districts (In State) 0

TR Revenues 9-14, L49, Col F 1423 Summer Sch - Transp. Fees from Other Sources (In State) 0

TR Revenues 9-14, L50 Col F 1424 Summer Sch - Transp. Fees from Other Sources (Out of State) 0

TR Revenues 9-14, L52, Col F 1432 CTE - Transp Fees from Other Districts (In State) 0

TR Revenues 9-14, L56, Col F 1442 Special Ed - Transp Fees from Other Districts (In State) 0

TR Revenues 9-14, L59, Col F 1451 Adult - Transp Fees from Pupils or Parents (In State) 0

TR Revenues 9-14, L60, Col F 1452 Adult - Transp Fees from Other Districts (In State) 0

TR Revenues 9-14, L61, Col F 1453 Adult - Transp Fees from Other Sources (In State) 0

TR Revenues 9-14, L62, Col F 1454 Adult - Transp Fees from Other Sources (Out of State) 0

O&M Revenues 9-14, L148, Col D 3410 Adult Ed (from ICCB) 0

O&M-TR Revenues 9-14, L149, Col D & F 3499 Adult Ed - Other (Describe & Itemize) 0

O&M-TR Revenues 9-14, L218, Col D,F 4600 Fed - Spec Education - Preschool Flow-Through 0

O&M-TR Revenues 9-14, L219, Col D,F 4605 Fed - Spec Education - Preschool Discretionary 0

O&M Revenues 9-14, L229, Col D 4810 Federal - Adult Education 0

ED Expenditures 15-22, L7, Col K - (G+I) 1125 Pre-K Programs 52,006

ED Expenditures 15-22, L9, Col K - (G+I) 1225 Special Education Programs Pre-K 0

ED Expenditures 15-22, L11, Col K - (G+I) 1275 Remedial and Supplemental Programs Pre-K 0

ED Expenditures 15-22, L12, Col K - (G+I) 1300 Adult/Continuing Education Programs 0

ED Expenditures 15-22, L15, Col K - (G+I) 1600 Summer School Programs 0

ED Expenditures 15-22, L20, Col K 1910 Pre-K Programs - Private Tuition 0

ED Expenditures 15-22, L21, Col K 1911 Regular K-12 Programs - Private Tuition 0

ED Expenditures 15-22, L22, Col K 1912 Special Education Programs K-12 - Private Tuition 0

ED Expenditures 15-22, L23, Col K 1913 Special Education Programs Pre-K - Tuition 0

ED Expenditures 15-22, L24, Col K 1914 Remedial/Supplemental Programs K-12 - Private Tuition 0

ED Expenditures 15-22, L25, Col K 1915 Remedial/Supplemental Programs Pre-K - Private Tuition 0

ED Expenditures 15-22, L26, Col K 1916 Adult/Continuing Education Programs - Private Tuition 0

ED Expenditures 15-22, L27, Col K 1917 CTE Programs - Private Tuition 0

ED Expenditures 15-22, L28, Col K 1918 Interscholastic Programs - Private Tuition 0

ED Expenditures 15-22, L29, Col K 1919 Summer School Programs - Private Tuition 0

ED Expenditures 15-22, L30, Col K 1920 Gifted Programs - Private Tuition 0

ED Expenditures 15-22, L31, Col K 1921 Bilingual Programs - Private Tuition 0

ED Expenditures 15-22, L32, Col K 1922 Truants Alternative/Optional Ed Progms - Private Tuition 0

ED Expenditures 15-22, L75, Col K - (G+I) 3000 Community Services 6,673

ED Expenditures 15-22, L102, Col K 4000 Total Payments to Other Govt Units 561,254

ED Expenditures 15-22, L114, Col G - Capital Outlay 305,494

ED Expenditures 15-22, L114, Col I - Non-Capitalized Equipment 0

O&M Expenditures 15-22, L130, Col K - (G+I) 3000 Community Services 0

O&M Expenditures 15-22, L138, Col K 4000 Total Payments to Other Govt Units 0

O&M Expenditures 15-22, L150, Col G - Capital Outlay 83,616

O&M Expenditures 15-22, L150, Col I - Non-Capitalized Equipment 0

DS Expenditures 15-22, L154, Col K 4000 Payments to Other Dist & Govt Units 0

DS Expenditures 15-22, L164, Col K 5300 Debt Service - Payments of Principal on Long-Term Debt 3,388,264

TR Expenditures 15-22, L179, Col K - (G+I) 3000 Community Services 0

TR Expenditures 15-22, L190, Col K 4000 Total Payments to Other Govt Units 0

TR Expenditures 15-22, L200, Col K 5300 Debt Service - Payments of Principal on Long-Term Debt 0

TR Expenditures 15-22, L204, Col G - Capital Outlay 0

TR Expenditures 15-22, L204, Col I - Non-Capitalized Equipment 0

MR/SS Expenditures 15-22, L210, Col K 1125 Pre-K Programs 1,154

MR/SS Expenditures 15-22, L212, Col K 1225 Special Education Programs - Pre-K 0

MR/SS Expenditures 15-22, L214, Col K 1275 Remedial and Supplemental Programs - Pre-K 0

MR/SS Expenditures 15-22, L215, Col K 1300 Adult/Continuing Education Programs 0

MR/SS Expenditures 15-22, L218, Col K 1600 Summer School Programs 0

MR/SS Expenditures 15-22, L274, Col K 3000 Community Services 64

MR/SS Expenditures 15-22, L278, Col K 4000 Total Payments to Other Govt Units 0

Total Deductions for OEPP Computation (Sum of Lines 18 - 73) $ 4,398,525

Total Operating Expenses Regular K-12 (Line 14 minus Line 75) 15,932,760

9 Mo ADA from the General State Aid Claimable for 2015-2016 and Payable in 2016-2017 (ISBE 54-33), L12 1,650.21

Estimated OEPP (Line 76 divided by Line 77) $ 9,654.99

OPERATING EXPENSE PER PUPIL

ESTIMATED OPERATING EXPENSE PER PUPIL (OEPP)/PER CAPITA TUITION CHARGE (PCTC) COMPUTATIONS (2015-2016)

This schedule is completed for school districts only.


AFR Meridian 2016

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1

2

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5

A B C D E F G

Fund Sheet, Row ACCOUNT NO - TITLE Amount

ESTIMATED OPERATING EXPENSE PER PUPIL (OEPP)/PER CAPITA TUITION CHARGE (PCTC) COMPUTATIONS (2015-2016)

This schedule is completed for school districts only.

80

8182838485

8687888990919293949596979899100101102103104105

106107108109110111112113114115116117118119120121122123124125

126127128129130131132133134135160161162163164165166167168169170

171172173174175176177178179180

181

182

LESS OFFSETTING RECEIPTS/REVENUES:

TR Revenues 9-14, L42, Col F 1411 Regular -Transp Fees from Pupils or Parents (In State) $ 0

TR Revenues 9-14, L44, Col F 1413 Regular - Transp Fees from Other Sources (In State) 0

TR Revenues 9-14, L45, Col F 1415 Regular - Transp Fees from Co-curricular Activities (In State) 0

TR Revenues 9-14, L46, Col F 1416 Regular Transp Fees from Other Sources (Out of State) 0

TR Revenues 9-14, L51, Col F 1431 CTE - Transp Fees from Pupils or Parents (In State) 0

TR Revenues 9-14, L53, Col F 1433 CTE - Transp Fees from Other Sources (In State) 0

TR Revenues 9-14, L54, Col F 1434 CTE - Transp Fees from Other Sources (Out of State) 0

TR Revenues 9-14, L55, Col F 1441 Special Ed - Transp Fees from Pupils or Parents (In State) 0

TR Revenues 9-14, L57, Col F 1443 Special Ed - Transp Fees from Other Sources (In State) 0

TR Revenues 9-14, L58, Col F 1444 Special Ed - Transp Fees from Other Sources (Out of State) 0

ED Revenues 9-14, L75, Col C 1600 Total Food Service 404,621

ED-O&M Revenues 9-14, L82, Col C,D 1700 Total District/School Activity Income 242,427

ED Revenues 9-14, L84, Col C 1811 Rentals - Regular Textbooks 0

ED Revenues 9-14, L87, Col C 1819 Rentals - Other (Describe & Itemize) 0

ED Revenues 9-14, L88, Col C 1821 Sales - Regular Textbooks 0

ED Revenues 9-14, L91, Col C 1829 Sales - Other (Describe & Itemize) 0

ED Revenues 9-14, L92, Col C 1890 Other (Describe & Itemize) 0

ED-O&M Revenues 9-14, L95, Col C,D 1910 Rentals 500

ED-O&M-TR Revenues 9-14, L98, Col C,D,F 1940 Services Provided Other Districts 0

ED-O&M-DS-TR-MR/SS Revenues 9-14, L104, Col C,D,E,F,G 1991 Payment from Other Districts 0

ED Revenues 9-14, L106, Col C 1993 Other Local Fees (Describe & Itemize) 0

ED-O&M-TR Revenues 9-14, L131, Col C,D,F 3100 Total Special Education 503,832

ED-O&M-MR/SS Revenues 9-14, L140, Col C,D,G 3200 Total Career and Technical Education 2,462

ED-MR/SS Revenues 9-14, L144, Col C,G 3300 Total Bilingual Ed 13,011

ED Revenues 9-14, L145, Col C 3360 State Free Lunch & Breakfast 1,793

ED-O&M-MR/SS Revenues 9-14, L146, Col C,D,G 3365 School Breakfast Initiative 0

ED-O&M Revenues 9-14, L147,Col C,D 3370 Driver Education 17,141

ED-O&M-TR-MR/SS Revenues 9-14, L154, Col C,D,F,G 3500 Total Transportation 684,034

ED Revenues 9-14, L155, Col C 3610 Learning Improvement - Change Grants 0

ED-O&M-TR-MR/SS Revenues 9-14, L156, Col C,D,F,G 3660 Scientific Literacy 0

ED-TR-MR/SS Revenues 9-14, L157, Col C,F,G 3695 Truant Alternative/Optional Education 0

ED-TR-MR/SS Revenues 9-14, L159, Col C,F,G 3715 Reading Improvement Block Grant 0

ED-TR-MR/SS Revenues 9-14, L160, Col C,F,G 3720 Reading Improvement Block Grant - Reading Recovery 0

ED-TR-MR/SS Revenues 9-14, L161, Col C,F,G 3725 Continued Reading Improvement Block Grant 0

ED-TR-MR/SS Revenues 9-14, L162, Col C,F,G 3726 Continued Reading Improvement Block Grant (2% Set Aside) 0

ED-O&M-TR-MR/SS Revenues 9-14, L163, Col C,D,F,G 3766 Chicago General Education Block Grant 0

ED-O&M-TR-MR/SS Revenues 9-14, L164, Col C,D,F,G 3767 Chicago Educational Services Block Grant 0

ED-O&M-DS-TR-MR/SS Revenues 9-14, L165, Col C,D,E,F,G 3775 School Safety & Educational Improvement Block Grant 0

ED-O&M-DS-TR-MR/SS Revenues 9-14, L166, Col C,D,E,F,G 3780 Technology - Technology for Success 0

ED-TR Revenues 9-14, L167, Col C,F 3815 State Charter Schools 0

O&M Revenues 9-14, L170, Col D 3925 School Infrastructure - Maintenance Projects 0

ED-O&M-DS-TR-MR/SS-Tort Revenues 9-14, L171, Col C-G,J 3999 Other Restricted Revenue from State Sources 1,079

ED Revenues 9-14, L180, Col C 4045 Head Start (Subtract) 0

ED-O&M-TR-MR/SS Revenues 9-14, L184, Col C,D,F,G - Total Restricted Grants-In-Aid Received Directly from Federal Govt 0

ED-O&M-TR-MR/SS Revenues 9-14, L191, Col C,D,F,G - Total Title V 0

ED-MR/SS Revenues 9-14, L201, Col C,G - Total Food Service 239,432

ED-O&M-TR-MR/SS Revenues 9-14, L211, Col C,D,F,G - Total Title I 125,801

ED-O&M-TR-MR/SS Revenues 9-14, L216, Col C,D,F,G - Total Title IV 0

ED-O&M-TR-MR/SS Revenues 9-14, L220, Col C,D,F,G 4620 Fed - Spec Education - IDEA - Flow Through 230,254

ED-O&M-TR-MR/SS Revenues 9-14, L221, Col C,D,F,G 4625 Fed - Spec Education - IDEA - Room & Board 0

ED-O&M-TR-MR/SS Revenues 9-14, L222, Col C,D,F,G 4630 Fed - Spec Education - IDEA - Discretionary 0

ED-O&M-TR-MR/SS Revenues 9-14, L223, Col C,D,F,G 4699 Fed - Spec Education - IDEA - Other (Describe & Itemize) 0

ED-O&M-MR/SS Revenues 9-14, L228, Col C,D,G 4700 Total CTE - Perkins 0

ED-O&M-DS-TR-MR/SS-Tort Revenue Adjustments (C231 thru J258) 4800 Total ARRA Program Adjustments 0

ED Revenues 9-14, L260, Col C 4901 Race to the Top 0

ED-O&M-DS-TR-MR/SS-Tort Revenues 9-14, L261, Col C-G,J 4902 Race to the Top-Preschool Expansion Grant 0

ED,O&M,MR/SS Revenues 9-14, L262, Col C,D,G 4904 Advanced Placement Fee/International Baccalaureate 0

ED-TR-MR/SS Revenues 9-14, L263, Col C,F,G 4905 Title III - Immigrant Education Program (IEP) 0

ED-TR-MR/SS Revenues 9-14, L264, Col C,F,G 4909 Title III - Language Inst Program - Limited Eng (LIPLEP) 10,929

ED-TR-MR/SS Revenues 9-14, L265, Col C,F,G 4910 Learn & Serve America 0

ED-O&M-TR-MR/SS Revenues 9-14, L266, Col C,D,F,G 4920 McKinney Education for Homeless Children 0

ED-O&M-TR-MR/SS Revenues 9-14, L267, Col C,D,F,G 4930 Title II - Eisenhower Professional Development Formula 0

ED-O&M-TR-MR/SS Revenues 9-14, L268, Col C,D,F,G 4932 Title II - Teacher Quality 30,060

ED-O&M-TR-MR/SS Revenues 9-14, L269, Col C,D,F,G 4960 Federal Charter Schools 0

ED-O&M-TR-MR/SS Revenues 9-14, L270, Col C,D,F,G 4991 Medicaid Matching Funds - Administrative Outreach 12,240

ED-O&M-TR-MR/SS Revenues 9-14, L271, Col C,D,F,G 4992 Medicaid Matching Funds - Fee-for-Service Program 16,938

ED-O&M-TR-MR/SS Revenues 9-14, L272, Col C,D,F,G 4999 Other Restricted Revenue from Federal Sources (Describe & Itemize) 0

Total Deductions for PCTC Computation Line 83 through Line 173 $ 2,536,554

Net Operating Expense for Tuition Computation (Line 76 minus Line 175) 13,396,206

Total Depreciation Allowance (from page 27, Col I) 760,129

Total Allowance for PCTC Computation (Line 176 minus Line 177) 14,156,335

9 Month ADA (from the GSA Claimable for 2015-2016 Payable in 2016-2017 (ISBE form 54-33, Line 12)) 1,650.21

Total Estimated PCTC (Line 178 divided by Line 179) * $ 8,578.51

* The total OEPP/PCTC may change based on the data provided. The final amounts will be calculated by ISBE

PER CAPITA TUITION CHARGE


AFR Meridian 2016

ESTIMATED INDIRECT COST DATA

Page 30

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234

5

6789

10

1112131415

16171819202122232425262728293031323334353637383940

41424344

45

A B C D E F G H

ESTIMATED INDIRECT COST RATE DATA

SECTION I

Financial Data To Assist Indirect Cost Rate Determination

(Source document for the computation of the Indirect Cost Rate is found in the "Expenditures 15-22" tab.)

Support Services - Direct Costs (1-2000) and (5-2000)

Direction of Business Support Services (1-2510) and (5-2510)

Fiscal Services (1-2520) and (5-2520)

Operation and Maintenance of Plant Services (1, 2, and 5-2540)

Food Services (1-2560) Must be less than (P16, Col E-F, L62) 239,433

41,943

Internal Services (1-2570) and (5-2570)

Staff Services (1-2640) and (5-2640)

Data Processing Services (1-2660) and (5-2660)

SECTION II

Estimated Indirect Cost Rate for Federal Programs

Restricted Program Unrestricted Program

Function Indirect Costs Direct Costs Indirect Costs Direct Costs

Instruction 1000 8,065,777 8,065,777

Support Services:

Pupil 2100 195,299 195,299

Instructional Staff 2200 276,605 276,605

General Admin. 2300 910,940 910,940

School Admin 2400 854,077 854,077

Business:

Direction of Business Spt. Srv. 2510 0 0 0 0

Fiscal Services 2520 91,621 0 91,621 0

Oper. & Maint. Plant Services 2540 1,305,187 1,305,187 0

Pupil Transportation 2550 903,498 903,498

Food Services 2560 224,267 224,267

Internal Services 2570 0 0 0 0

Central:

Direction of Central Spt. Srv. 2610 0 0

Plan, Rsrch, Dvlp, Eval. Srv. 2620 0 0

Information Services 2630 323,826 323,826

Staff Services 2640 22,059 0 22,059 0

Data Processing Services 2660 0 0 0 0

Other: 2900 0 0

Community Services 3000 6,737 6,737

Total 113,680 13,066,213 1,418,867 11,761,026

Unrestricted Rate

Total Indirect Costs: 113,680 Total Indirect costs: 1,418,867

Total Direct Costs: 13,066,213 Total Direct Costs: 11,761,026

= 0.87% = 12.06%

ALL OBJECTS EXCLUDE CAPITAL OUTLAY. With the exception of line 11, enter the disbursements/expenditures included within the following functions charged directly to and reimbursed from

federal grant programs. Also, include all amounts paid to or for other employees within each function that work with specific federal grant programs in the same capacity as those charged to and

reimbursed from the same federal grant programs. For example, if a district received funding for a Title I clerk, all other salaries for Title I clerks performing like duties in that function must be

included. Include any benefits and/or purchased services paid on or to persons whose salaries are classified as direct costs in the function listed.

Restricted Rate

Value of Commodities Received for Fiscal Year 2016 (Include the value of commodities when determining if a Single

Audit is required) .

COUNTDISTRICT NAME CODE DISTRICT NUMBER STREET


AFR Meridian 2016

1

2

34

567

8

9

1011121314151617181920212223242526

2728293031323334

35363738404142

43

A B C D E F G

REPORT ON SHARED SERVICES OR OUTSOURCING

School Code, Section 17-1.1 (Public Act 97-0357 )

Fiscal Year Ending June 30, 2016

Check if the schedule is not applicable.Prior

Fiscal Year

Current

Fiscal YearNext Fiscal Year

Name of the Local Education Agency (LEA) Participating in the Joint

Agreement, Cooperative or Shared Service.#####

Indicate with an (X) If Deficit Reduction Plan Is Required in the Budget

Service or Function ( Check all that apply )Barriers to

Implementation (Limit text to 200 characters, for additional space use line 33 and 38)

Curriculum Planning

Custodial Services

Educational Shared Programs X X X Byron / Rock Valley College Employee Benefits

Energy Purchasing X IEC Food Services X X X Northern Illinois Food Coop Grant Writing

Grounds Maintenance Services

Insurance X X X CLIC, Illinois Schools Cooperative Investment Pools

Legal Services

Maintenance Services

Personnel Recruitment

Professional Development

Shared Personnel X X X Ogle County Educational Cooperative Special Education Cooperatives X X X Ogle County Educational Cooperative

STEM (science, technology, engineering and math) Program Offerings

Supply & Equipment Purchasing X X X ROE #47 Technology Services X X X Oregon CUSD #200 Transportation

Vocational Education Cooperatives X X X CEANCI All Other Joint/Cooperative Agreements X X X Julia Hull Library Inter - Gov't Agreement Other

Additional space for Column (D) - Barriers to Implementation:

Additional space for Column (E) - Name of LEA :

Complete the following for attempts to improve fiscal efficiency through shared services or outsourcing in the prior, current and next fiscal years.

00

Page 31

Page 32

ILLINOIS STATE BOARD OF EDUCATION

School Business Services Division (N-330)

100 North First Street

Springfield, IL 62777-0001

LIMITATION OF ADMINISTRATIVE COSTS WORKSHEET School District Name:

RCDT Number:

Actual Expenditures, Fiscal Year 2016 Budgeted Expenditures, Fiscal Year 2017

(10) (20) (10) (20)

Funct.

No.Educational Fund

Operations &

Maintenance FundTotal Educational Fund

Operations &

Maintenance FundTotal

1. Executive Administration Services 2320 257,917 257,917 284,488 284,488

2. Special Area Administration Services 2330 0 0 0

3. Other Support Services - School Administration 2490 0 0 0

4. Direction of Business Support Services 2510 0 0 0 0

5. Internal Services 2570 0 0 0

6. Direction of Central Support Services 2610 0 0 0

7.0 0

8. Totals 257,917 0 257,917 284,488 0 284,488

9. 10%

CERTIFICATION

I certify that the amounts shown above as "Actual Expenditures, Fiscal Year 2016" agree with the amounts on the district's Annual Financial Report for Fiscal Year 2016.

I also certify that the amounts shown above as "Budgeted Expenditures, Fiscal Year 2017" agree with the amounts on the budget adopted by the Board of Education.

Signature of Superintendent

Contact Name

If line 9 is greater than 5% please check one box below.

X

The district will amend their budget to become in compliance with the limitation. Budget amendments must be adopted no later than June 30.

The District is ranked by ISBE in the lowest 25th percentile of like districts in administrative expenditures per student (4th quartile) and will waive the limitation by board action,

subsequent to a public hearing. Waiver resolution must be adopted no later than June 30.

The district is unable to waive the limitation by board action and will be requesting a waiver from the General Assembly pursuant to the procedures in Chapter 105 ILCS 5/2-

3.25g. Waiver applications must be postmarked by August 12, 2016 to ensure inclusion in the Fall 2016 report, postmarked by January 13, 2017 to ensure inclusion in the Spring

2017 report, or postmarked by August 11, 2017 to ensure inclusion in the Fall 2017 report. Information on the waiver process can be found at

www.isbe.net/isbewaivers/default.htm.


(Section 17-1.5 of the School Code) 47-071-2230-26

Description

Deduct - Early Retirement or other pension obligations required

by state law and included above.

Percent Increase (Decrease) for FY2017 (Budgeted) over

FY2016 (Actual)

Date

Contact Telephone Number

Page 33

This page is provided for detailed itemizations as requested within the body of the report.

Type Below.

Account Page Fund Line Description Amount

1690 10 ED 74 Other Food Service 3,330$

1999 11 ED 107 Julia Hull Library 47,695

E Rate 15,499

Scrap Sold 1,850

ETS AP Exam Refund 1,364

Coca Cola Reimbursement 3,339

ROE/CEANCI Refund 1,214

Comcast Refund 1,291

Lanter Delivery Refund 3,261

Highland Box Tops 2,739

Highland Target Refund 1,332

Insurance Reimbursement for Lighting/Storm Damage 65,050

Misc. Refunds/Revenues 7,422

IASBO P-Card Rebate 762

Retirement Dinner 625

153,443$

1999 11 O&M 107 Julia Hull Library 10,600$

1999 11 TRANS 107 Insurance Money for Bus Accident 5,609

Misc. Reimbursements 233

5,842$

1999 11 IMRF 107 Julia Hull Library 554$

3999 11 IMRF 171 State Library Grant 1,079$

4190 16 ED 83 Oregon CUSD #220 48,510

Repay FY14 Title 1 8,314

Flex Program 9,295

66,119$

5400 18 Debt 165 Bond Issuance Cost 205,654$

Audit Check/Difference in Schedule of Long-Term Debt:

Error message #8 is a result of the combination of a difference in principal and interest outstanding on the JP Morgan Capital Appreciation Bonds

and Series 2002 Bonds after Series 2016 Bonds were used to pay down these issuances and current year capital lease/purchase obligations

being included in the current debt issued.

Issued 7-1-15 thru 6-30-16 - P25, Cell F49 12,237,249

Principal on Bonds Sold - P89 Cells C33:F33, H33:K33 12,217,565

Principal amount of capital lease - P25, Row 39 19,684$

Retired 7-1-15 thru 6-30-16 - P25, Cell H49 1,645,040

Payments of Principal on Long-Term Debt - P18, Cell H164 (3,388,264)

Difference in Schedule of Long-Term Debt described below (1,743,224)$ A

P&I adjustment to Capital Appreciation Bonds at pay down (2,525,118)

P&I adjustment to Series 2002 Bonds at pay down 781,894

Difference in Schedule of Long-Term Debt - P25, G49 (1,743,224)$ A


47-071-2230-26

Page 34

Reference Pages.

1Do not enter negative numbers. Reports with negative numbers will be returned for correction.

2 GASB Statement No. 24; Accounting and Financial Reporting for Certain Grants and Other Financial Assistance. The "On Behalf of" Payments should only be reflected

on this page.

3 Equals Line 8 minus Line 174 May require notification to the county clerk to abate an equal amount from taxes next extended. Refer to Section 17-2.11 for the applicable provisions and other "limited" transfer

authority to O&M through June 30, 2013

5 Requires notification to the county clerk to abate an equal amount from taxes next extended. See Section 10-22.14

6 Use of proceeds from the sale of school sites buildings, or other real estate is limited. See Sections 5-22 and 10-22.8 of the School Code.

7 Include revenue accounts 1110 through 1115, 1117, 1118 & 1120. Include taxes for bonds sold that are in addition to those identified separately.

8 Educational Fund (10) - Computer Technology only.

9 Corporate personal property replacement tax revenue must be first applied to the Municipal Retirement/Social Security Fund to replace tax revenue lost due to the

abolition of the corporate personal property tax (30 ILCS 115/12). This provision does not apply to taxes levied for Medicare-Only purposes.

10 Include only tuition payments made to private facilities. See Function 4200 or 4400 for public facility disbursements/expenditures.

11 Payment towards the retirement of lease/purchase agreements or bonded/other indebtedness (principal only) otherwise reported within the fund―e.g. alternate revenue

bonds( Describe & Itemize).

12 Only abolishment of Working Cash Fund must transfer its funds directly to the Educational Fund upon adoption of a resolution and at the close of the

current school Year (see 105 ILCS 5/20-8 for further explanation)

Only abatement of working cash fund can transfer its funds to any fund in most need of money (see 105 ILCS 5/20-10 for further explanation)

Page 35

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BENNING GROUP, LLC CERTIFIED PUBLIC ACCOUNTANTS www.BenningGroup.com

50 W. Douglas Street, Suite 801 6815 Weaver Road, Suite 300 1809 10th Street Freeport, Illinois 61032 Rockford, Illinois 61114 Monroe, Wisconsin 53566 (815) 235-3157 (815) 316-2375 (608) 325-5035 Fax (815) 235-3158 Fax (815) 316-2389 Fax (608) 328-2843

Independent Auditor’s Report

on Annual Financial Report

Board of Education Meridian Community Unit School District No. 223 Ogle County, Illinois Report on the Financial Statements We have audited the accompanying financial statements of Meridian Community Unit School District No. 223, as of and for the fiscal year ended June 30, 2016, and the related notes to the financial statements, which collectively comprise the District’s financial statements as listed in the table of contents of this Annual Financial Report form. Management’s Responsibility for the Financial Statements Management is responsible for the preparation and fair presentation of these financial statements in accordance with the financial reporting provisions of the Illinois State Board of Education. Management is also responsible for the design, implementation, and maintenance of internal control relevant to the preparation and fair presentation of financial statements that are free from material misstatement, whether due to fraud or error. Auditor’s Responsibility Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with auditing standards generally accepted in the United States of America and the standards applicable to financial audits contained in Government Auditing Standards, issued by the Comptroller General of the United States. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditor’s judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the entity’s preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity’s internal control. Accordingly, we express no such opinion. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of significant accounting estimates made by management, as well as evaluating the overall presentation of the financial statements.

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We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion. Basis for Adverse Opinion on U.S. Generally Accepted Accounting Principles As described more fully in Note 1, the financial statements are prepared by Meridian Community Unit School District No. 223 on the basis of financial reporting prescribed or permitted by the Illinois State Board of Education, which is a basis of accounting other than accounting principles generally accepted in the United States of America, to comply with the requirements of the Illinois State Board of Education. The effects on the financial statements of the variances between the regulatory basis of accounting described in Note 1 and accounting principles generally accepted in the United States of America, although not reasonably determinable, are presumed to be material. Adverse Opinion on U.S. Generally Accepted Accounting Principles In our opinion, because of the significance of the matter discussed in the “Basis for Adverse Opinion on U.S. Generally Accepted Accounting Principles” paragraph, the financial statements referred to in the first paragraph do not present fairly, in accordance with accounting principles generally accepted in the United States of America, the financial position of Meridian Community Unit School District No. 223, as of June 30, 2016, or the changes in its financial position for the year then ended. Unmodified Opinion on Regulatory Basis of Accounting In our opinion, the financial statements referred to in the first paragraph present fairly, in all material respects, the assets and liabilities arising from cash transactions of Meridian Community Unit School District No. 223 as of June 30, 2016, and the revenues it received and expenditures it paid, and budgetary results for the year then ended, in accordance with the financial reporting provisions of the Illinois State Board of Education as described in Note 1. Other Matters Supplemental Schedules and Other Information Our audit was made for the purpose of forming an opinion on the financial statements taken as a whole. The information provided on pages 2 through 4, supplementary schedules on pages 23 through 26, statistical section on pages 27 through 29 and the itemization schedule on page 33, the Schedule of the Employer’s Proportionate Share of Net Pension Liability and Schedule of Employer Contributions of the Teachers Retirement System of the State of Illinois, the Schedule of Changes in Net Pension Liability and Related Ratios and Schedule of Contributions of the Illinois Municipal Retirement Fund and Schedules for Trust and Agency Funds are presented for purposes of additional analysis and is not a required part of the financial statements of Meridian Community Unit School District No. 223. Such information, except for the average daily attendance figure, included in the computation of operating expense per pupil on page 28 and per capita tuition charges on page 29, the Schedule of the Employer’s Proportionate Share of Net Pension Liability and Schedule of Employer Contributions of the Teachers Retirement System of the State of Illinois, and the Schedule of Changes in Net Pension Liability and Related Ratios and Schedule of Contributions of the Illinois Municipal Retirement Fund is the responsibility of management and has been derived from and

SR-1

relate directly to the underlying accounting and other records used to prepare the financial statements. The information has been subjected to the auditing procedures applied in the audit of the financial statements and certain additional procedures, including comparing and reconciling such information directly to the underlying accounting and other records used to prepare the financial statements or to the financial statements themselves, and other additional procedures in accordance with auditing standards generally accepted in the United States of America. In our opinion, the information is fairly stated in all material respects in relation to the financial statements taken as a whole. The information on pages 28-30 is propagated from information in the audited financial statements, but we take no responsibility for the accuracy of those calculations. The Report on Shared Services or Outsourcing on page 31 contains unaudited information concerning prior, current and future year expenditures which was provided by the District. The Administrative Cost Worksheet on page 32 contains unaudited information concerning the fiscal year 2017 budget which was provided by the District. The actual expenditure information on page 32 is fairly stated in all material respects in relation to the financial statements taken as a whole. The average daily attendance figure, included in the computation of operating expense per pupil on page 28 and per capita tuition charges on page 29, and the Schedule of the Employer’s Proportionate Share of Net Pension Liability and Schedule of Employer Contributions of the Teachers Retirement System of the State of Illinois, and the Schedule of Changes in Net Pension Liability and Related Ratios and Schedule of Contributions of the Illinois Municipal Retirement Fund have not been subjected to the auditing procedures applied in the audit of the financial statements, and accordingly, we do not express an opinion or provide any assurance on them. The Table of Contents references a Federal Compliance Section on pages 37-46; however this District was not required to have a Single Audit and this section has not been completed. Other Reporting Required by Government Auditing Standards In accordance with Government Auditing Standards, we have also issued our report dated October 11, 2016, on our consideration of Meridian Community Unit School District No. 223’s internal control over financial reporting and our tests of its compliance with certain provision of laws, regulations, contracts and grant agreements and other matters. The purpose of that report is to describe the scope of testing of internal control over financial reporting and compliance and the results of that testing, and not to provide an opinion on the internal control over financial reporting or on compliance. That report is an integral part of an audit performed in accordance with Government Auditing Standards in considering Meridian Community Unit School District No. 223’s internal control over compliance. Freeport, Illinois October 11, 2016



Independent Auditor’s Report on Internal Control Over Financial Reporting

and on Compliance and Other Matters Based on an Audit of Financial Statements Performed in Accordance with Government Auditing Standards

Board of Education Meridian Community Unit School District No. 223 Ogle County, Illinois We have audited, in accordance with auditing standards generally accepted in the United States of America and the standards applicable to financial audits contained in Government Auditing Standards, issued by the Comptroller General of the United States, the financial statements of Meridian Community Unit School District No. 223 as of and for the year ended June 30, 2016, and the related notes to the financial statements, which collectively comprise Meridian Community Unit School District No. 223’s financial statements, and have issued our report thereon dated October 11, 2016. Our opinion was adverse because the financial statements are not prepared in accordance with generally accepted accounting principles. However, the financial statements were found to be fairly stated, which is a comprehensive basis of accounting other than generally accepted accounting principles, on the cash basis of accounting, in accordance with regulatory reporting requirements established by the Illinois State Board of Education. Internal Control Over Financial Reporting In planning and performing our audit of the financial statements, we considered Meridian Community Unit School District No. 223’s internal control over financial reporting (internal control) to determine the audit procedures that are appropriate in the circumstances for the purpose of expressing our opinions on the financial statements, but not for the purpose of expressing an opinion on the effectiveness of the District’s internal control. Accordingly, we do not express an opinion on the effectiveness of the District’s internal control. A deficiency in internal control exists when the design or operation of a control does not allow management or employees, in the normal course of performing their assigned functions, to prevent, or detect and correct, misstatements on a timely basis. A material weakness is a deficiency, or combination of deficiencies, in internal control such that there is a reasonable possibility that a material misstatement of the District’s financial statements will not be prevented or detected and corrected on a timely basis. A significant deficiency is a deficiency, or a combination of deficiencies, in internal control that is less severe than a material weakness, yet important enough to merit attention by those charged with governance. Our consideration of internal control over financial reporting was for the limited purpose described in the first paragraph of this section and was not designed to identify all deficiencies in internal control that might be material weaknesses or significant deficiencies and therefore, material weaknesses or significant deficiencies may exist that were not identified. Given these limitations, during our audit we did not identify any deficiencies in internal control that we consider to be

SR-2.2/BR-2.2

material weaknesses. However, material weaknesses may exist that have not been identified. We did identify certain deficiencies in internal control, described below, that we consider to be significant deficiencies.

1. The food service program operated at a profit of $200,572

Management’s response:

Management does not intend to run a for-profit food service program and will use profits to improve the program.

2. Material adjustments were required to properly report the District’s financial activity.


Management will review the general ledger periodically to identify possible misclassifications and proper recording of lease transactions.

3. Federal expenditure reports were completed with reported expenditures in excess of

the expenditures recorded in the general ledger.


Management will review expenditure reports to ensure they are filed accurately.

4. State and federal expenditure reports were not filed timely.


Management will implement controls to ensure that expenditure reports are filed timely.

We also noted certain other matters involving the internal control over financial reporting that we reported to management of Meridian Community Unit School District No. 223 in a separate letter dated October 11, 2016. Compliance and Other Matters

As part of obtaining reasonable assurance about whether Meridian Community Unit School District No. 223’s financial statements are free of material misstatement, we performed tests of its compliance with certain provisions of laws, regulations, contracts and grant agreements, noncompliance with which could have a direct and material effect on the determination of financial statement amounts. However, providing an opinion on compliance with those provisions was not an objective of our audit and, accordingly, we do not express such an opinion. The results of our tests disclosed no instances of noncompliance or other matters that are required to be reported under Government Auditing Standards. However, we noted certain immaterial instances of noncompliance that we reported to management of Meridian Community Unit School District No. 223 in a separate letter dated October 11, 2016.

SR-2.2/BR-2.2

District’s Response to Findings

Meridian Community Unit School District No. 223’s response to the findings identified in our audit is described previously. Meridian Community Unit School District No. 223’s response was not subjected to the auditing procedures applied in the audit of the financial statements and, accordingly, we express no opinion on it. Purpose of this Report The purpose of this report is solely to describe the scope of our testing of internal control and compliance and the results of that testing, and not to provide an opinion on the effectiveness of the entity’s internal control or on compliance. This report is an integral part of an audit performed in accordance with Government Auditing Standards in considering the District’s internal control and compliance. Accordingly, this communication is not suited for any other purpose. Freeport, Illinois October 11, 2016


Notes to Financial Statements

June 30, 2016

(1) Summary of Significant Accounting Policies

The District’s accounting policies conform to the cash basis of accounting, as defined by the Illinois State Board of Education. (a) Principles Used to Determine the Scope of the Reporting Entity

The District’s reporting entity includes the District’s governing board and all related organizations for which the District exercises oversight responsibility. The District has developed criteria to determine whether outside agencies with activities which benefit the citizens of the District, including joint agreements which serve pupils from numerous districts, should be included within its financial reporting entity. The criteria include, but are not limited to, whether the District exercises oversight responsibility (which includes financial interdependency, selection of governing authority, designation of management, ability to significantly influence operations, and accountability for fiscal matters), scope of public service, and special financing relationships. Joint agreements have been determined not to be part of the reporting entity after applying the manifesting of oversight, scope of public service and special financing relationships criteria, and, are therefore excluded from the accompanying financial statements because the District does not control the assets, operations or management of the joint agreements. In addition, the District is not aware of any entity which would exercise such oversight as to result in the District being considered a component unit of the entity.

(b) Basis of Presentation – Fund Accounting These financial statements comply with the regulatory basis of reporting as prescribed by the Illinois State Board of Education. The accounts of the District are organized on the basis of funds and account groups, each of which is considered a separate accounting entity. The operations of each fund are accounted for with a separate set of self-balancing accounts that comprise its assets and liabilities arising from cash transactions, fund balance, revenue received and expenditures paid. The District maintains individual funds required by the State of Illinois. These funds are presented on the regulatory basis as required for reports filed with the Illinois State Board of Education. District resources are allocated to and accounted for in individual funds based upon the purposes for which they are to be spent and the means by which spending activities are controlled. The following fund types and account groups are used by the District:

38



Governmental Funds Governmental funds are those through which most governmental functions of the District are financed. The acquisition, use and balances of the District’s expendable financial resources and the related liabilities arising from cash transactions are accounted for through governmental funds. Educational Fund – This fund is the general operating fund of the District. It is used to account for all financial resources except those required to be accounted for in another fund. Operations and Maintenance Fund – This fund is also a general operating fund used to account for costs of maintaining school buildings. Debt Service Fund – This fund is a debt retirement fund. Resources of this fund are used to retire principal and interest maturities of outstanding bond obligations and other long-term debt instruments. Transportation Fund – This fund is a special revenue fund used to account for the costs of transporting pupils to and from school and school activities. Municipal Retirement/Social Security Fund – This fund is a special revenue fund used to pay the District’s share of municipal retirement benefits for covered employees. The District’s share of Social Security and Medicare-only is also paid from this fund. Capital Projects Fund – Proceeds of construction bond issues, the capital improvement tax levy, and if applicable, school facility occupation tax proceeds are accounted for in this fund. Working Cash Fund – The resources of this fund are held by the District to be used for temporary interfund loans to any fund of the District for which taxes are levied. Tort Fund – This fund is a special revenue fund used to account for tort immunity or tort judgment purposes. Fire Prevention and Safety Fund – Proceeds of fire prevention and safety bond issues and tax levy are accounted for in this fund. Fiduciary Funds Fiduciary funds are used to account for assets held by the District in a trustee capacity or as an agent for individuals, private organizations, other governments or other funds. Agency Funds – Agency funds include Student Activity Funds and Convenience Accounts. They account for assets held by the District as agent for the students, teachers and

39



other organizations. These funds are custodial in nature and do not involve the measurement of the results of operations. The amounts due to the activity fund organizations are equal to the assets. Governmental Funds – Measurement Focus The financial statements of all governmental funds focus on the measurement of spending or "financial flow" and the determination of changes in financial position rather than upon net income determination. This means that only current assets and current liabilities are generally included on their balance sheets. Their reported fund balance (net current assets) is considered a measure of "available spendable resources." Governmental fund operating statements present increases (cash receipts and other financing sources) and decreases (cash disbursements and other financing uses) in net current assets. Accordingly, they are said to present a summary of sources and uses of "available spendable resources" during a period. General Fixed Assets and General Long-Term Debt Account Groups The accounting and reporting treatment applied to the fixed assets and long-term liabilities associated with a fund are determined by its measurement focus. Fixed assets used in governmental fund type operations are accounted for in the General Fixed Assets Account Group, rather than in governmental funds. Long-term liabilities expected to be financed from governmental funds are accounted for in the General Long-Term Debt Account Group, not in the governmental funds. The two account groups are not "funds." They are concerned only with the measure-ment of financial position. They are not involved with measurement of results of operations.

(c) Basis of Accounting Basis of accounting refers to when revenue received and expenditures paid are recognized in the accounts and how they are reported on the financial statements. The District maintains its accounting records for all funds and account groups on the cash basis of accounting under guidelines prescribed by the Illinois State Board of Education. Accordingly, revenue is recognized and recorded in the accounts when cash is received. In the same manner, expenditures are recognized and recorded upon the disbursement of cash. Assets of a fund are only recorded when cash is received or when a right to receive cash exists which arises from a previous cash transaction. Liabilities of a fund, similarly, result from previous cash transactions. Cash basis financial statements omit recognition of receivables and payables and other accrued and deferred items that do not arise from previous cash transactions.

40



Proceeds from sales of bonds are included as other financing sources in the appropriate fund on the date received. Related bond principal payable in the future is recorded at the same time in the General Long-Term Debt Account Group.

(d) Budgets and Budgetary Accounting The budget for all Governmental Fund Types is prepared on the cash basis of accounting which is the same basis that is used in financial reporting. This allows for comparability between budget and actual amounts. This is an acceptable method in accordance with 105 ILCS 5/17-1. The budget was passed on September 24, 2015. The budget lapses at the end of each fiscal year. The District follows these procedures in establishing the budgetary data reflected in the financial statements. 1. The Superintendent submits to the Board of Education a proposed operating

budget for the fiscal year commencing on July 1. The operating budget includes proposed expenditures and the means of financing them.

2. A public hearing is held as to such budget prior to final action. 3. Prior to October 1, the budget is legally adopted through passage of a resolution. 4. Formal budgetary integration is employed as a management control device during

the year. 5. The Board of Education may make transfers between the various items in any

fund not exceeding in the aggregate 10% of the total of such fund as set forth in the budget.

6. The Board of Education may amend the budget by the same procedures required

of its original adoption.

(e) Cash The District considers cash on hand, cash on deposit with banks and other institutions, certificates of deposit, money market accounts, and repurchase agreements to be cash for financial statement purposes.

(f) Investments All investments are reported at fair value. The District has adopted a formal written investment policy. The institutions in which investments are made must be approved by the Board of Education.

41



(g) Commingled Accounts The District uses common bank accounts to hold the monies of more than one fund. Interest earned on these common accounts is credited to each participating fund based on its approximate share of the account prior to the payment of interest.

(h) General Fixed Assets General fixed assets with expected useful lives that exceed one year and cost more than $500, are recorded as expenditures paid in the Governmental or Activity Funds and capitalized at cost in the general fixed assets account group. All fixed assets are valued at historical cost or estimated historical cost if actual historical cost is not available. Donated general fixed assets are stated at estimated fair market value as of the date of acquisition. Depreciation accounting is not considered applicable (except to determine the per capita tuition charge). Depreciation is computed using the straight line method over estimated lives ranging from three to fifty years. Estimated lives are determined based on the policies prescribed by the Illinois State Board of Education.

(2) Property Taxes The District’s property tax is levied each year on all taxable real property located in the District on or before the last Tuesday in December. The levy was passed by the board on December 17, 2015. Property taxes attach as an enforceable lien on property as of January 1 and are payable in two installments on approximately June 1 and September 1. The District receives significant distributions of tax receipts during June, July, August, September, October, and November. Taxes recorded in these financial statements are from the 2015, 2014, and prior tax levies. The following are the tax rate limits permitted by the Illinois Compiled Statutes and by local referendum and the actual rates levied per $100 of assessed valuation:

42



Limit Actual Limit Actual

Educational 3.4800 3.4800 3.4800 3.4800

Special education 0.0400 0.0400 0.0400 0.0400

Oper. & maint. 0.5000 0.5000 0.5000 0.5000

Debt Service As needed 1.1126 As needed 1.0813

Transportation 0.2000 0.2000 0.2000 0.2000

Municipal retirement As needed 0.1317 As needed 0.1123

Social security As needed 0.1317 As needed 0.1079

Working cash 0.0500 0.0500 0.0500 0.0500

Tort immunity As needed 0.3260 As needed 0.3171

Facilities leasing 0.0500 0.0500 0.0500 0.0500

Fire prevention and safety 0.0500 0.0500 0.0500 0.0500

6.0720 5.9886

- 2015 Levy Year - - 2014 Levy Year -

(3) Cash Deposits and Investments

The District is allowed to invest in securities as authorized by the Illinois Public Funds Investment Act - 30 ILCS 235/2 and 6; and the Illinois School Code - 105 ILCS 5/8-7. Cash and investments as of June 30, 2016 are classified in the accompanying financial statements as follows:

Statement of Assets and Liabilities Arising from Cash Transactions

Cash 9,998,216$

Investments 8,814,467

Total cash and investments 18,812,683$

Cash and investments as of June 30, 2016 consist of the following:

Cash on hand -$

Deposits with financial institutions

District 9,830,174

Agency 168,042

Investments

District 8,814,467

Agency -

Total cash and investments 18,812,683$

43



Deposits – custodial credit risk Custodial credit risk for deposits is the risk that, in the event of a depository financial institution failure, the District’s deposits may not be returned to it. The District’s policy requires all amounts deposited or invested with financial institutions in excess of any insurance limit shall be collateralized by: (1) securities eligible for district investment or any other high-quality, interest-bearing security rated at least AA/Aa by one or more standard rating service to include Standard & Poor’s, Moody’s, or Fitch, (2) mortgages, (3) letters of credit issued by a Federal Home Loan Bank, or (4) loans covered by a State Guaranty under the Illinois Farm Development Act. The market value of the pledged securities shall equal or exceed the portion of the deposit requiring collateralization. The Chief Investment Officer shall determine other collateral requirements. Safekeeping and custody arrangements The preferred method of safekeeping is to have pledged securities registered in the District’s name and held by a third-party custodian. Safekeeping practices should qualify for the Governmental Accounting Standards Board (GASB) Statement No. 3 Deposits with Financial Institution, Investments (including Repurchase Agreements), and Reverse Repurchase Agreements, Category I, the highest recognized safekeeping procedures. As of June 30, 2016, $10,351,566 of the District’s bank balance of $10,602,566, were exposed to custodial credit risk as follows:

Uninsured and collateralized by securities held

by the pledging financial institution 10,351,566$

Investments As of June 30, 2016, the District had the following investments:

Investment Fair Value

Illinois Funds Money Market Fund 610,851$

Illinois School District

Liquid Asset Fund Plus (ISDLAF+) 8,203,616$

The Illinois Funds Money Market Fund (formerly known as IPTIP) is a money market fund created in 1975 by the Illinois General Assembly. Its primary purpose is to provide the Public Treasurer and other custodians of public funds with an alternative investment vehicle which enable them to earn a competitive rate of return of fully collateralized investments, while maintaining immediate access to invested funds. The monies invested by the individual participants are pooled together and invested in U.S. Treasury bills and notes backed by full faith and credit of the U.S. Treasury. In addition, monies are invested in fully collateralized time deposits in Illinois financial institutions, in collateralized repurchase agreements, and in treasury mutual funds that invest in U.S. Treasury obligations and collateralized repurchase

44



agreements. Investments in Illinois Funds Money Market Fund are valued at the funds share price which is equivalent to fair market value. The Illinois School District Liquid Asset Fund Plus (ISDLAF+ or the “Fund”) is an intergovernmental investment program for school districts and community colleges in Illinois. Co-sponsored by Illinois ASBO, IASA and IASB, the program offers numerous opportunities to school districts for the investment and management of funds. The fund invests member deposits, on a pooled basis, primarily in short-term certificates of deposit and in high rated short-term obligations of the U.S. Treasury and major United States corporations and banks. The fair value of the District’s position in the pool is the same as the value of the pool shares. Interest rate risk In accordance with its investment policy, the District limits its exposure to interest rate risk, by structuring its portfolio to provide sufficient liquidity to pay District obligations as they come due. Credit risk is the risk that an issuer of an investment will not fulfill its obligations to the holder of the investment. The District’s investment policy seeks to minimize credit risk by requiring investment in securities allowed under the investment policy. The Illinois Funds and the Illinois School District Liquid Asset Plus – Max Class are rated AAA by Standard & Poor’s at June 30, 2016. Custodial credit risk Custodial credit risk for investments is the risk that, in the event of the failure of the counterparty (e.g., broker-dealer) to a transaction, the District will not be able to recover the value of its investment or collateral securities that are in the possession of another party. With respect to investments, custodial credit risk generally applies only to direct investments in marketable securities. Custodial credit risk does not apply to indirect investments in securities through the use of mutual funds or governmental investment pools such as Illinois Funds and ISDLAF+. Concentration of credit risk No investment in any one issuer, other than U.S. Treasury securities, mutual funds, Illinois Funds, and ISDLAF+, represent 5% or more of the District’s total investments.

45



(4) Changes in General Fixed Assets & Depreciation Under the regulatory basis of accounting, assets and depreciation are not recorded and therefore the financial statements do not reflect the amounts below.

Assets at Cost

Balance Balance Life in

7/1/15 Additions Deletions 6/30/16 Years

Land 2,569,982$ -$ -$ 2,569,982$ 0

Construction in progress - 859,910 - 859,910 0

Buildings and

improvements 24,545,791 - - 24,545,791 50

Land improvements 1,097,848 - - 1,097,848 20

Other equipment 2,628,786 457,884 219,896 2,866,774 10

Transportation

equipment 1,101,060 - 754,673 346,387 20

Food service

equipment 91,130 12,520 - 103,650 10

Total general

fixed assets 32,034,597$ 1,330,314$ 974,569$ 32,390,342$

Accumulated Depreciation

Undepreciated

Balance Depreciation Balance Cost

7/1/15 for Year Deletions 6/30/16 6/30/16

Land -$ -$ -$ -$ 2,569,982$

Construction in progress - - - - 859,910

Buildings and

improvements 9,938,012 448,546 - 10,386,558 14,159,233

Land improvements 667,467 44,072 - 711,539 386,309

Other equipment 1,460,632 253,538 219,896 1,494,274 1,372,500

Transportation

equipment 1,071,419 4,860 754,673 321,606 24,781

Food service

equipment 22,634 9,113 - 31,747 71,903

Total general

fixed assets 13,160,164$ 760,129$ 974,569$ 12,945,724$ 19,444,618$

46



(5) Employee Pensions and Other Benefit Plans The District participates in multiple retirement plans to provide retirement benefits to its employees. For the year ended June 30, 2016, the District recorded a total of $1,165,489 in payments to the various retirement plans as detailed below. It should be noted that actuarial accrued liabilities, deferred inflows of resources and deferred out flows of resources are not recorded in the financial statements since the District uses the regulatory basis of accounting as prescribed or permitted by the Illinois State Board of Education as described in Note 1. (a) Teachers’ Retirement System of the State of Illinois

Plan description The employer participates in the Teachers’ Retirement System of the State of Illinois (TRS). TRS is a cost-sharing multiple-employer defined benefit pension plan that was created by the Illinois legislature for the benefit of Illinois public school teachers employed outside the city of Chicago. TRS members include all active non-annuitants who are employed by a TRS-covered employer to provide services for which teacher licensure is required. The Illinois Pension Code outlines the benefit provisions of TRS, and amendments to the plan can be made only by legislative action with the Governor’s approval. The TRS Board of Trustees is responsible for the System’s administration. TRS issues a publicly available financial report that can be obtained at http://trs.illinois.gov/pubs/cafr; by writing to TRS at 2815 W. Washington, PO Box 19253, Springfield, IL 62794; or by calling (888) 877-0890, option 2. Benefits provided TRS provides retirement, disability, and death benefits. Tier I members have TRS or reciprocal system service prior to January 1, 2011. Tier I members qualify for retirement benefits at age 62 with five years of service, at age 60 with 10 years, or age 55 with 20 years. The benefit is determined by the average of the four highest years of creditable earnings within the last 10 years of creditable service and the percentage of average salary to which the member is entitled. Most members retire under a formula that provides 2.2 percent of final average salary up to a maximum of 75 percent with 34 years of service. Disability and death benefits are also provided. Tier II members qualify for retirement benefits at age 67 with 10 years of service, or a discounted annuity can be paid at age 62 with 10 years of service. Creditable earnings for retirement purposes are capped and the final average salary is based on the highest consecutive eight years of creditable service rather than the last four. Disability provisions for Tier II are identical to those of Tier I. Death benefits are payable under a formula that is different from Tier I.

47

http://trs.illinois.gov/pubs/cafr.htm

http://trs.illinois.gov/pubs/cafr.htm



Essentially all Tier I retirees receive an annual 3 percent increase in the current retirement benefit beginning January 1 following the attainment of age 61 or on January 1 following the member’s first anniversary in retirement, whichever is later. Tier II annual increases will be the lesser of three percent of the original benefit or one-half percent of the rate of inflation beginning January 1 following attainment of age 67 or on January 1 following the member’s first anniversary in retirement, whichever is later. Contributions The state of Illinois maintains the primary responsibility for funding TRS. The Illinois Pension Code, as amended by Public Act 88-0593 and subsequent acts, provides that for years 2010 through 2045, the minimum contribution to the System for each fiscal year shall be an amount determined to be sufficient to bring the total assets of the System up to 90 percent of the total actuarial liabilities of the System by the end of fiscal year 2045. Contributions from active members and TRS contributing employers are also required by the Illinois Pension Code. The contribution rates are specified in the pension code. The active member contribution rate for the year ended June 30, 2016, was 9.4 percent of creditable earnings. The member contribution, which may be paid on behalf of employees by the employer, is submitted to TRS by the employer. For the year ended June 30, 2016, the District reported expenditures of $679,403 for this contribution.

On behalf contributions to TRS. The state of Illinois makes employer pension contributions on behalf of the employer. For the year ended June 30, 2016, state of Illinois contributions recognized by the employer were based on the state’s proportionate share of the collective net pension liability associated with the employer, and the employer recognized revenue and expenditures of $2,495,431 in pension contributions from the state of Illinois.

2.2 formula contributions. Employers contribute 0.58 percent of total creditable earnings for the 2.2 formula change. The contribution rate is specified by statute. Contributions for the year ended June 30, 2016, were $41,143, and are deferred because they were paid after the June 30, 2015 measurement date.

Federal and special trust fund contributions. When TRS members are paid from federal and special trust funds administered by the employer, there is a statutory requirement for the employer to pay an employer pension contribution from those funds. Under a policy adopted by the TRS Board of Trustees that has been in effect since the fiscal year ended June 30, 2006, employer

48



contributions for employees paid from federal and special trust funds will be the same as the state contribution rate to TRS. Public Act 98-0674 now requires the two rates to be the same. For the year ended June 30, 2016, the employer pension contribution was 36.06 percent of salaries paid from federal and special trust funds. For the year ended June 30, 2016, salaries totaling $90,383 were paid from federal and special trust funds that required employer contributions of $32,592. These contributions are deferred because they were paid after the June 30, 2015 measurement date.

Employer retirement cost contributions. Under GASB Statement No. 68, contributions that an employer is required to pay because of a TRS member retiring are categorized as specific liability payments. The employer is required to make a one-time contribution to TRS for members retiring under the Early Retirement Option (ERO). The payments vary depending on the member’s age and salary. The maximum employer ERO contribution under the current program is 146.5 percent and applies when the member is age 55 at retirement. For the year ended June 30, 2016, the employer paid $0 to TRS for employer ERO contributions. The employer is also required to make a one-time contribution to TRS for members granted salary increases over 6 percent if those salaries are used to calculate a retiree’s final average salary. A one-time contribution is also required for members granted sick leave days in excess of the normal annual allotment if those days are used as TRS service credit. For the year ended June 30, 2016, the employer paid $0 to TRS for employer contributions due on salary increases in excess of 6 percent and $0 for sick leave days granted in excess of the normal annual allotment.

Pension Liabilities, Pension Expense, and Deferred Outflows of Resources and Deferred Inflows of Resources Related to Pensions At June 30, 2016, the employer had a liability for its proportionate share of the net pension liability (first amount shown below) that reflected a reduction for state pension support provided to the employer. The state’s support and total are for disclosure purposes only. The amount of the employer’s net pension liability, the related state support, and the total portion of the net pension liability that was associated with the employer were as follow:

Employer's proportionate share of the net pension liability 2,004,876$

State's proportionate share of the net pension liablity

associated with the employer 43,627,531

Total 45,632,407$

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The net pension liability was measured as of June 30, 2015, and the total pension liability used to calculate the net pension liability was determined by an actuarial valuation as of June 30, 2014, and rolled forward to June 30, 2015. The employer’s proportion of the net pension liability was based on the employer’s share of contributions to TRS for the measurement year ended June 30, 2015, relative to the projected contributions of all participating TRS employers and the state during that period. At June 30, 2015, the employer’s proportion was .0030604087 percent, which was an increase of .0013533093 from its proportion measured as of June 30, 2014. At June 30, 2016, the employer had deferred outflows of resources and deferred inflows of resources related to pensions from the following sources:

Deferred Deferred

Outflows of Inflows of

Resources Resources

Differences between expected and actual experience 745$ 2,198$

Net difference between projected and actual earnings

on pension plan investments 39,705 70,214

Changes of assumptions 27,725 -

Changes in proportion and differences between

employer contributions and proportionate share

of contributions 689,191 553,783

Employer contributions subsequent to the

measurement date - -

Total 757,366$ 626,195$

Deferred outflows of resources and deferred inflows of resources related to pensions will be recognized in pension expense as follows:

Year ended June 30,

2017 (8,868)$

2018 (8,868)

2019 (8,868)

2020 157,788

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Actuarial assumptions The total pension liability in the June 30, 2015 actuarial valuation was determined using the following actuarial assumptions, applied to all periods included in the measurement: Inflation 3.00 percent Salary increases varies by amount of service credit Investment rate of return 7.50 percent, net of pension plan investment expense, including inflation Mortality rates were based on the RP-2014 White Collar Table with adjustments as appropriate for TRS experience. The rates are used on a fully-generational basis using projection table MP-2014. The actuarial assumptions for the years ended June 30, 2015 and 2014 were different. The actuarial assumptions used in the June 30, 2015 valuation were based on the 2015 actuarial experience analysis. The investment return assumption remained at 7.5 percent, salary increase assumptions were lowered, retirement rates were increased, mortality updates were made and other assumptions were revised. The actuarial assumptions used in the June 30, 2014 valuation were based on updates to economic assumptions adopted in 2014 which lowered the investment return assumption from 8.0 percent to 7.5 percent. The salary increase and inflation assumptions were also lowered from their 2013 levels. The long-term expected rate of return on pension plan investments was determined using a building-block method in which best-estimate ranges of expected future real rates of return (expected returns, net of pension plan investment expense and inflation) are developed for each major asset class. These ranges are combined to produce the long-term expected rate of return by weighting the expected future real rates of return by the target asset allocation percentage and by adding expected inflation. The target allocation and best estimates of arithmetic real rates of return for each major asset class that were used by the actuary are summarized in the following table:

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Target Long-Term Expected

Asset Class Allocation Real Rate of Return

U.S. large cap 18% 7.53%

Global equity excluding U.S. 18% 7.88%

Aggregate bonds 16% 1.57%

U.S. TIPS 2% 2.82%

NCREIF 11% 5.11%

Opportunistic real estate 4% 9.09%

ARS 8% 2.57%

Risk parity 8% 4.87%

Diversified inflation strategy 1% 3.26%

Private equity 14% 12.33%

Total 100%

Discount rate At June 30, 2015, the discount rate used to measure the total pension liability was a blended rate of 7.47 percent, which was a change from the June 30, 2014 rate of 7.50 percent. The projection of cash flows used to determine the discount rate assumed that employee contributions, employer contributions, and state contributions will be made at the current statutorily-required rates. Based on those assumptions, TRS’s fiduciary net position at June 30, 2015 was not projected to be available to make all projected future benefit payments of current active and inactive members and all benefit recipients. Tier I’s liability is partially funded by Tier II members, as the Tier II member contribution is higher than the cost of Tier II benefits. Due to this subsidy, contributions from future members in excess of the service cost are also included in the determination of the discount rate. Despite the subsidy, all projected future payments were not covered, so a slightly lower long-term expected rate of return on TRS investments was applied to all periods of projected benefit payments to determine the total pension liability. At June 30, 2014, the discount rate used to measure the total pension liability was 7.50 percent. The discount rate was the same as the actuarially-assumed rate of return on investments that year because TRS’s fiduciary net position and the subsidy provided by Tier II were sufficient to cover all projected benefit payments.

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Sensitivity of the employer’s proportionate share of the net pension liability to changes in the discount rate The following presents the employer’s proportionate share of the net pension liability calculated using the discount rate of 7.47 percent, as well as what the employer’s proportionate share of the net pension liability would be if it were calculated using a discount rate that is 1-percentage-point lower (6.47 percent) or 1-percentage-point higher (8.47 percent) than the current rate.

Current

1% Decrease Discount Rate 1% Increase

(6.47%) (7.47%) (8.47%)

Employer's proportionate share

of the net pension liability 2,477,535$ 2,004,876$ 1,617,283$

TRS fiduciary net position Detailed information about the TRS’s fiduciary net position as of June 30, 2015 is available in the separately issued TRS Comprehensive Annual Financial Report.

(b) Illinois Municipal Retirement Fund Pension Plan

Plan Description. The District’s defined benefit pension plan for Regular employees provides retirement and disability benefits, post retirement increases, and death benefits to plan members and beneficiaries. The District’s plan is managed by the Illinois Municipal Retirement Fund (IMRF), the administrator of a multi-employer public pension fund. A summary of IMRF’s pension benefits is provided in the “Benefits Provided” section of this document. Details of all benefits are available from IMRF. Benefit provisions are established by statute and may only be changed by the General Assembly of the State of Illinois. IMRF issues a publicly available Comprehensive Annual Financial Report that includes financial statements, detailed information about the pension plan’s fiduciary net position, and required supplementary information. That report may be obtained online at www.imrf.org. Benefits Provided. IMRF has three benefit plans. The vast majority of IMRF members participate in the Regular Plan (RP). The Sheriff’s Law Enforcement Personnel (SLEP) plan is for sheriffs, deputy sheriffs, and selected police chiefs. Counties could adopt the Elected County Official (ECO) plan for officials elected prior to August 8, 2011 (the ECO plan was closed to new participants after that date). All three IMRF benefit plans have two tiers. Employees hired before January 1, 2011, are eligible for Tier 1 benefits. Tier 1 employees are vested for pension benefits when they have at least eight years of qualifying service credit. Tier 1 employees who retire at age 55 (at reduced benefits) or after age 60 (at full benefits) with eight years of service are entitled to an annual retirement benefit, payable monthly for life, in an amount equal to

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1-2/3% of the final rate of earnings for the first 15 years of service credit, plus 2% for each year of service credit after 15 years to a maximum of 75% of their final rate of earnings. Final rate of earnings is the highest total earnings during any consecutive 48 months within the last 10 years of service, divided by 48. Under Tier 1, the pension is increased by 3% of the original amount on January 1 every year after retirement. Employees hired on or after January 1, 2011, are eligible for Tier 2 benefits. For Tier 2 employees, pension benefits vest after ten years of service. Participating employees who retire at age 62 (at reduced benefits) or after age 67 (at full benefits) with ten years of service are entitled to an annual retirement benefit, payable monthly for life, in an amount equal to 1-2/3% of the final rate of earnings for the first 15 years of service credit, plus 2% for each year of service credit after 15 years to a maximum of 75% of their final rate of earnings. Final rate of earnings is the highest total earnings during any 96 consecutive months within the last 10 years of service, divided by 96. Under Tier 2, the pension is increased on January 1 every year after retirement, upon reaching age 67, by the lesser of:

3% of the original pension amount, or

1/2 of the increase in the Consumer Price Index of the original pension amount. Employees Covered by Benefit Terms. As of December 31, 2015, the following employees were covered by the benefit terms:

Retirees and beneficiaries currently receiving benefits 88

Inactive plan members entitled to but not yet receiving benefits 131

Active members 84

Total 303

Contributions. As set by statute, the District’s Regular Plan Members are required to contribute 4.5% of their annual covered salary. The statute requires employers to contribute the amount necessary, in addition to member contributions, to finance the retirement coverage of its own employees. The District’s annual contribution rate for calendar year 2015 was 10.65%. For the fiscal year ended June 30, 2016, the District contributed $174,744 to the plan. The District also contributes for disability benefits, death benefits, and supplemental retirement benefits, all of which are pooled at the IMRF level. Contribution rates for disability and death benefits are set by IMRF’s Board of Trustees, while the supplemental retirement benefits rate is set by statute. Net Pension Liability. The District’s net pension liability was measured as of December 31, 2015. The total pension liability used to calculate the net pension liability was determined by an actuarial valuation as of that date.

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Actuarial Assumptions. The following are the methods and assumptions used to determine total pension liability at December 31, 2015:

The actuarial cost method used was Entry Age Normal.

The asset valuation method used was Market Value of Assets.

The inflation rate was assumed to be 2.75%.

Salary increases were expected to be 3.75% to 14.50%, including inflation.

The investment rate of return was assumed to be 7.49%.

Projected retirement age was from the Experience-based table of rates, specific to the type of eligibility condition, last updated for the 2014 valuation according to an experience study from years 2011 to 2013.

The IMRF-specific rates for Mortality (for non-disabled retirees) were developed from the RP-2014 Blue Collar Health Annuitant Mortality Table with adjustments to match current IMRF experience.

For disabled retirees, an IMRF-specific mortality table was used with fully generational projection scale MP-2014 (base year 2014). The IMRF-specific rates were developed from the RP-2014 Disabled Retirees Mortality Table, applying the same adjustments that were applied for non-disabled lives.

For active members, an IMRF-specific mortality table was used with fully generational projection scale MP-2014 (base year 2014). The IMRF-specific rates were developed from the RP-2014 Employee Mortality Table with adjustments to match current IMRF experience.

The long-term expected rate of return on pension plan investments was determined using a building-block method in which best-estimate ranges of expected future real rates of return (expected returns, net of pension plan investment expense, and inflation) are developed for each major asset class. These ranges are combined to produce the long-term expected rate of return by weighting the expected future real rates of return to the target asset allocation percentage and adding expected inflation. The target allocation and best estimates of geometric real rates of return for each major asset class are summarized in the following table:

Portfolio Target Long-Term Expected

Asset Class Percentage Real Rate of Return

Domestic Equity 38% 7.60%

International Equity 17% 7.80%

Fixed Income 27% 3.00%

Real Estate 8% 6.15%

Alternative Investments 9% 5.25-8.50%

Cash Equivalents 1% 2.25%

100%

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Single Discount Rate. A Single Discount Rate of 7.49% was used to measure the total pension liability. The projection of cash flow used to determine this Single Discount Rate assumed that the plan members’ contributions will be made at the current contribution rate, and that employer contributions will be made at rates equal to the difference between actuarially determined contribution rates and the member rate. The Single Discount Rate reflects: 1. The long-term expected rate of return on pension plan investments (during the

period in which the fiduciary net position is projected to be sufficient to pay benefits), and

2. The tax-exempt municipal bond rate based on an index of 20-year general obligation bonds with an average AA credit rating (which is published by the Federal Reserve) as of the measurement date (to the extent that the contributions for use with the long-term expected rate of return are not met).

For the purpose of the most recent valuation, the expected rate of return on plan investments is 7.50%, the municipal bond rate is 3.57%, and the resulting single discount rate is 7.49%. Changes in Net Pension Liability

Total

Pension Plan Fiduciary Net Pension

Liability Net Position Liability

(A) (B) (A) - (B)

Balances at December 31, 2014 9,572,969$ 9,259,413$ 313,556$

Changes for the year:

Service cost 226,984 - 226,984

Interest on the total pension liability 707,450 - 707,450

Changes of benefit terms - - -

Difference between expected and actual

experience of the total pension liability (203,737) - (203,737)

Changes of benefit terms - - -

Changes of assumptions 10,938 - 10,938

Contributions - employer - 188,457 (188,457)

Contributions - employee - 80,248 (80,248)

Net investment income - 45,700 (45,700)

Benefit payments, including refunds of

employee contributions (507,599) (507,599) -

Other (net transfer) - 56,506 (56,506)

Net changes 234,036 (136,688) 370,724

Balances at December 31, 2015 9,807,005$ 9,122,725$ 684,280$

Sensitivity of the Net Pension Liability to Changes in the Discount Rate. The following presents the plan’s net pension liability, calculated using a Single Discount Rate of 7.49%, as well as what the plan’s net pension liability would be if it were calculated using a Single Discount Rate that is 1% lower or 1% higher:

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1% Decrease Current 1% Increase

6.49% 7.49% 8.49%

Total pension liability 10,986,045$ 9,807,005$ 8,839,457$

Plan fiduciary net position 9,122,725 9,122,725 9,122,725

Net pension liability 1,863,320$ 684,280$ (283,268)$

Single Discount Rate Assumption

Pension Expense, Deferred Outflows of Resources, and Deferred Inflows of Resources Related to Pensions. Pension expense as reflected in the financial statements for the fiscal year ended June 30, 2016 was $174,744. At December 31, 2015, the District had deferred outflows or resources and deferred inflows of resources related to pensions from the following sources:

Deferred Deferred

Outflows of Inflows of

Resources Resources

Deferred amounts to be recognized in pension

expense in future periods:

Difference between expected and actual experience -$ 158,459$

Changes of assumptions 149,862 -

Net difference between projected and actual

earnings on pension plan investments 587,941 -

Total deferred amounts to be recognized in pension

expense in future periods 737,803 158,459

Pension contributions made subsequent to the

measurement date - -

Total deferred amounts related to pensions 737,803$ 158,459$

Amounts reported as deferred outflows of resources and deferred inflows of resources related to pensions will be recognized in pension expense in future periods as follows:

Net Deferred Net Deferred

Year Ending Outflows of Inflows of

December 31 Resources Resources

2016 192,016$ -$

2017 105,757 -

2018 153,187 -

2019 128,384 -

2020 - -

579,344$ -$

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(c) Aggregate Information

Since the District participates in more than one retirement plan, GASB 68 requires disclosure of the following, which aggregates selected information from the Teachers’ Retirement System and the Illinois Municipal Retirement Fund.

TRS IMRF Total

Net Pension Liabilities 2,004,876$ 684,280$ 2,689,156$

Net Pension Assets - - -

Net Deferred Outflows of Resources 757,366 737,803 1,495,169

Net Deferred Inflows of Resources 626,195 158,459 784,654

Pension expenditures for the

year ended June 30, 2016 746,982 174,744 921,726

(d) Social Security

Employees not qualifying for coverage under the Teachers’ Retirement System of the State of Illinois or the Illinois Municipal Retirement Fund are considered “non-participating employees”. These employees and those qualifying for coverage under the Illinois Municipal Retirement Fund are covered under Social Security. The District paid $127,088, the total required contribution for the current fiscal year.

(e) Medicare All employees, except certificated personnel hired prior to April 1, 1986, are covered under the Basic Hospital Insurance Plan provision of the medicare health insurance program. The District paid $116,675, the total required contribution for the current fiscal year.

(6) Fund Balance Reporting

According to Government Accounting Standards, fund balances are to be classified into five major classifications: Nonspendable Fund Balance, Restricted Fund Balance, Committed Fund Balance, Assigned Fund Balance, and Unassigned Fund Balance. The Regulatory Model, followed by the District, only reports Reserved and Unreserved Fund Balances. Below are definitions of the differences and a reconciliation of how these balances are reported. (a) Nonspendable Fund Balance

The nonspendable fund balance classification includes amounts that cannot be spent because they are either (a) not in spendable form or (b) legally or contractually required to be maintained intact. The “not in spendable form” criterion includes items that are not expected to be converted to cash, for example inventories and prepaid amounts. Due to the cash basis nature of the District, all such items are expensed at the time of purchase, so there is nothing to report for this classification.

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(b) Restricted Fund Balance The restricted fund balance classification refers to amounts that are subject to outside restrictions, not controlled by the entity. Things such as restrictions imposed by creditors, grantors, contributors, or laws and regulations of other governments, or imposed by law through constitutional provisions or enabling legislation. Special Revenue Funds are by definition restricted for those specified purposes. The District has several revenue sources received within different funds that also fall into these categories – 1. Special Education

Cash receipts and the related cash disbursements of this restricted tax levy are accounted for in the Educational Fund. Expenditures disbursed exceeded revenue received for this purpose, resulting in no restricted fund balance. The State of Illinois requires a certain amount of general state aid to be used for special education purposes. For the year ended June 30, 2016, $3,148 of special education line item 1200 was paid with revenue code 3001.

2. Leasing Levy Cash receipts and the related cash disbursements of this restricted tax levy are accounted for in the Educational Fund. At June 30, 2016, cash receipts exceeded expenditures disbursed for this purpose, resulting in a restricted fund balance of $38,620 for this purpose. This balance is included in the financial statements as Reserved in the Educational Fund.

3. State Grants Proceeds from state grants and the related expenditures have been included in the Educational, Transportation, and Municipal Retirement/Social Security Funds. At June 30, 2016, revenue received exceeded expenditures disbursed for these purposes, resulting in a restricted fund balance of $28,065. This balance is recorded entirely in the Educational fund.

4. Federal Grants Proceeds from federal grants and the related expenditures have been included in the Educational, Transportation, and Municipal Retirement/Social Security Funds. At June 30, 2016, expenditures disbursed from federal grants exceeded revenues received for these purposes in the Educational Fund, resulting in no restricted fund balance.

5. IMRF/Social Security Cash disbursed and the related cash receipts of these restricted tax levies are accounted for in the Municipal Retirement/Social Security Fund. Revenue received exceeded expenditures disbursed for these purposes, resulting in a restricted fund balance of $304,450. For purposes of Regulatory reporting, the Social Security

59



portion of the fund balance, $40,332, will be classified as Reserved, and the Municipal Retirement portion of the fund balance, $264,114, will be classified as Unreserved.

6. Food Service All revenue generated by the school food service must be used to operate and improve its food services therefore making this a restricted fund balance. The District accounts for the food service in a separate fund within the Educational Fund to allow for the ease of tracking food service fund balance. At June 30, 2016 the restricted fund balance for food service is $1,223,665.

(c) Committed Fund Balance The committed fund balance classification refers to amounts that can only be used for specific purposes pursuant to constraints imposed by formal action of the government’s highest level of decision making authority (the School Board). Those committed amounts cannot be used for any other purpose unless the government removes or changes the specified use by taking the same type of formal action it employed to previously commit those amounts. The School Board commits fund balance by making motions or passing resolutions to adopt policy or to approve contracts. Committed fund balance also incorporates contractual obligations to the extent that existing resources in the fund have been specifically committed for use in satisfying those contractual requirements. Employee contracts for services rendered during the school year for employees electing twelve month pay schedules are recorded as disbursements in the fiscal year when such checks are drawn. At June 30, 2016, the total amount of unpaid contracts for services performed during the fiscal year ended June 30, 2016 amounted to $818,059. This amount is shown as Unreserved in the Educational Fund.

(d) Assigned Fund Balance The assigned fund balance classification refers to amounts that are constrained by the government’s intent to be used for a specific purpose, but are neither restricted nor committed. Intent may be expressed by (a) the School Board itself or (b) the finance committee or by the Superintendent when the School Board has delegated the authority to assign amounts to be used for specific purposes. The District budgets property tax revenue based on the tax levy approved by the Board the previous December. For the fiscal year ending June 30, 2017, the District budgets property tax revenue based on the 2015 tax levy of which $3,557,559 was received by the District prior to June 30, 2016 and is therefore included as revenue under the cash method of accounting in this fiscal year. Under the assigned fund balance definition, $2,106,770 received in the Educational, Operations and Maintenance and Working Cash

60



funds is assigned fund balance in these funds as shown below and is shown as Unreserved in the financial statements.

(e) Unassigned Fund Balance The unassigned fund balance classification is the residual classification for amounts in the General Operating Funds for amounts that have not been restricted, committed, or assigned to specific purposes within the General Funds. Unassigned Fund Balance amounts are shown in the financial statements as Unreserved Fund Balances in the Educational, Operations and Maintenance, and Working Cash Funds.

(f) Regulatory – Fund Balance Definitions Reserved Fund Balances are those balances that are reserved for a specific purpose, other than the regular purpose of any given fund. Unreserved Fund Balances are all balances that are not reserved for a specific purpose other than the specified purpose of a fund.

(g) Reconciliation of Fund Balance Reporting The first five columns of the following table represent Fund Balance Reporting according to generally accepted accounting principles. The last two columns represent Fund Balance Reporting under the regulatory basis of accounting utilized in preparation of the financial statements.

Financia l Financia l

Non- Statements- Statements-

Fund spendable Restricted Committed Ass igned Unass igned Reserved Unreserved

Educational - 1,290,350 818,059 2,036,379 2,391,821 1,290,350 5,246,259

Operations &

Maintenance - - - 38,202 - - 38,202

Debt Service - 752,030 - - - - 752,030

Transportation - 1,596,044 - - - - 1,596,044

Municipa l

Retirement - 304,446 - - - 40,332 264,114

Capita l Projects - 306,404 - - - - 306,404

Working Cash - - - 32,189 294,500 - 326,689

Tort Liabi l i ty - 240,181 - - - - 240,181

Fi re Prevention

and Safety - 8,486,790 - - - - 8,486,790

General ly Accepted Accounting Principles Regulatory Bas is

(h) Expenditures of Fund Balance Unless specifically identified, expenditures act to reduce restricted balances first, then committed balances, next assigned balances, and finally act to reduce unassigned balances. Expenditures for a specifically identified purpose will act to reduce the specific classification of fund balance that is identified.

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(7) Long-Term Debt As of June 30, 2016, the District had long-term debt outstanding in the amount of $17,063,294. The long-term debt is reported in the General Long-Term Debt Group and consists of the following.

Bonded Indebtedness Bonded indebtedness current requirements for principal and interest expenditures are payable from future revenues of the Debt Service Fund and the Fire Prevention and Safety Fund. The revenues consist principally of property taxes collected by the District and interest earnings. On March 29, 2016, the District issued $11,095,000 General Obligation School Bonds, Series 2016A and $650,000 General Obligation School Bonds, Series 2016B. The bond proceeds were used to finance Life Safety improvements ($9,015,000) and to pay off a portion of Series 2000 and Series 2002 Capital Appreciation School Bonds ($2,730,000). Bonded indebtedness consists of the following: Capital Appreciation School Bonds, Series 2000 These bonds were issued in increments of $5,000 with various maturity dates and interest is payable only at maturity. Accretion of interest is calculated annually and is shown as an increase in the principal balance at the time of accretion. Due to the issuance of Series 2016 bonds and subsequent pay down of the Series 2000 and 2002 bonds, accretion will be recorded as interest expense when paid after June 30, 2016. Original Issue $8,869,998 Interest Rate 6.19 to 6.62% Issue Date June 15, 2000 Interest Date December 1

Year ending June 30, Principal Interest Total

2017 1,044,123 45,877 1,090,000

2018 484,828 55,172 540,000

2019 1,013,303 191,697 1,205,000

2020 956,549 258,451 1,215,000

3,498,803$ 551,197$ 4,050,000$

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Capital Appreciation School Bonds, Series 2002 Original Issue $1,899,994 Interest Rate 5.95% Average coupon Issue Date August 27, 2002 Interest Date June 1 and December 1


2017 130,592 4,408 135,000

2018 128,693 11,307 140,000

2019 130,772 19,228 150,000

2020 127,910 27,090 155,000

2021 1,092,576 297,424 1,390,000

2022 199,572 70,428 270,000

1,810,115$ 429,885$ 2,240,000$

General Obligation School Bonds, Series 2016A Original Issue $11,095,000 Interest Rate 3.89% Average coupon Issue Date March 20, 2916 Interest Date June 1 and December 1


2017 - 532,914 532,914

2018 - 454,619 454,619

2019 - 454,619 454,619

2020 - 454,619 454,619

2021 - 454,619 454,619

2022 1,170,000 425,369 1,595,369

2023 1,285,000 363,994 1,648,994

2024 1,350,000 298,119 1,648,119

2025 1,420,000 228,868 1,648,868

2026 1,485,000 163,668 1,648,668

2027 1,205,000 115,894 1,320,894

2028 1,245,000 79,144 1,324,144

2029 1,280,000 40,469 1,320,469

2030 655,000 10,234 665,234

11,095,000$ 4,077,149$ 15,172,149$

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General Obligation School Bonds, Series 2016B Original Issue $650,000 Interest Rate 2.00% Average coupon Issue Date March 20, 2916 Interest Date June 1 and December 1


2017 - 15,239 15,239

2018 650,000 6,500 656,500

650,000$ 21,739$ 671,739$

Lease/Purchase Obligation

Copier Lease/Purchase The District entered into a government obligation contract with Providence Capital Network, LLC to finance the purchase of one copier. The principal amount of the contract is $19,684, which is recorded as capital outlay in the Educational Fund. The first principal payment of $10,308 was made on August 28, 2015. The contract calls for one additional payment of $10,308 on September 1, 2016. The future contract payments are as follows:

Year ending Total

June 30, Principal Interest Payment

2017 9,376$ 932$ 10,308$

9,376$ 932$ 10,308$

In accordance with regulatory requirements, the capital lease is included in General Long-Term Debt Account Group and the annual principal and interest payments are recorded in the Debt Service Fund.

Long-term liability activity for the year ended June 30, 2016 was as follows:

Balance Balance

7/1/2015 Issued Retired 6/30/2016

General

obligation bonds* 8,214,309$ 12,217,565$ 3,377,956$ 17,053,918$

Lease/purchase

obligations - 19,684 10,308 9,376

8,214,309$ 12,237,249$ 3,388,264$ 17,063,294$

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* Accretion of interest on Capital Appreciation School Bonds, Series 2000 of $472,565 is shown as an increase in principal. Future cash flow requirements of the District for retirement of principal and interest by fiscal year follow:

Bonds


2017 1,174,715 598,438 1,773,153

2018 1,263,521 527,598 1,791,119

2019 1,144,075 665,544 1,809,619

2020 1,084,459 740,160 1,824,619

2021 1,092,576 752,043 1,844,619

2022 1,369,572 495,797 1,865,369

2023 1,285,000 363,994 1,648,994

2024 1,350,000 298,119 1,648,119

2025 1,420,000 228,868 1,648,868

2026 1,485,000 163,668 1,648,668

2027 1,205,000 115,894 1,320,894

2028 1,245,000 79,144 1,324,144

2029 1,280,000 40,469 1,320,469

2030 655,000 10,234 665,234

17,053,918$ 5,079,970$ 22,133,888$

Lease/Purchase Obligations


2017 9,376 932 10,308

9,376$ 932$ 10,308$

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Total Long-Term Debt


2017 1,184,091 598,830 1,782,921

2018 1,263,521 527,598 1,791,119

2019 1,144,075 665,544 1,809,619

2020 1,084,459 740,160 1,824,619

2021 1,092,576 752,043 1,844,619

2022 1,369,572 495,797 1,865,369

2023 1,285,000 363,994 1,648,994

2024 1,350,000 298,119 1,648,119

2025 1,420,000 228,868 1,648,868

2026 1,485,000 163,668 1,648,668

2027 1,205,000 115,894 1,320,894

2028 1,245,000 79,144 1,324,144

2029 1,280,000 40,469 1,320,469

2030 655,000 10,234 665,234

17,063,294$ 5,080,362$ 22,143,656$

(8) Legal Debt Margin

2015 Equalized assessed valuation 159,647,038$

Statutory debt limitation

13.8% of 2015 equalized assessed valuation 22,031,291$

Less total indebtedness 17,063,294

Legal Debt Margin 4,967,997$

(9) Interfund Loans

There were no interfund loans made or repaid during the fiscal year ended June 30, 2016.

(10) Interfund Transfers

There were no interfund transfers made or repaid during the fiscal year ended June 30, 2016.

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(11) Overexpenditure of Budget The District overexpended its budget in the following funds during the fiscal year ended June 30, 2016.

Fund Expenditures Budget

Operations & Maintenance Funds 1,304,493$ 1,293,000$

Debt Service Fund 5,880,300$ 1,705,000$

Fire Prevention & Safety Fund 859,910$ -$

All other funds were operated within the legal confines of their budgets during the fiscal year ended June 30, 2016.

(12) Joint Agreements The District is a member of Ogle County Educational Cooperative Joint Agreement located at 417 N. Colfax, Box 52, Byron, IL 61010, along with other area school districts to provide special education services. The District pays tuition to the Cooperative based upon the Cooperative’s budgeted expenditures and the District’s special education enrollment. The District made payments to the Ogle County Educational Cooperative during fiscal year 2016 in the amount of $608,474. The District also has entered into an operating agreement with the Julia Hull District Library which is located on the Stillman Valley High School Campus. The Library reimburses the District for the cost of certain librarian and aides salaries and benefits and other operating costs. During the year ended June 30, 2016, the District received $58,850 from the Library. The District is also a member of Career Education Associates of North Central Illinois (CEANCI) located at 4151 Samuelson Road, Rockford, Illinois, 61109. CEANCI provides technical education services and receives state grants and reallocates to member districts. During the year ended June 30, 2016, the District paid CEANCI $33,518 for technical education services and received $1,214 from CEANCI for salary reimbursements. The District’s pupils benefit from programs administered under these joint agreements, and the District benefits from jointly administered grants and programming. The District does not have any equity interest in these joint agreements. The joint agreements are separately audited and are not included in these financial statements. Financial information about the joint agreements can be obtained by contacting them at the addresses given above.

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(13) Other Postemployment Benefits (OPEB) (a) Teacher Health Insurance Security (THIS) Fund

The employer participates in the Teacher Health Insurance Security (THIS) Fund, a cost-sharing, multiple-employer defined benefit post-employment healthcare plan that was established by the Illinois legislature for the benefit of retired Illinois public school teachers employed outside the city of Chicago. The THIS Fund provides medical, prescription, and behavioral health benefits, but it does not provide vision, dental, or life insurance benefits to annuitants of the Teachers’ Retirement System (TRS). Annuitants not enrolled in Medicare may participate in the state-administered participating provider option plan or choose from several managed care options. Annuitants who are enrolled in Medicare Parts A and B may be eligible to enroll in a Medicare Advantage plan. The State Employees Group Insurance Act of 1971 (5 ILCS 375) outlines the benefit provisions of the THIS Fund and amendments to the plan can be made only by legislative action with the Governor’s approval. The plan is administered by the Illinois Department of Central Management Services (CMS) with the cooperation of TRS. Section 6.6 of the State Employees Group Insurance Act of 1971 requires all active contributors to TRS who are not employees of the state to make a contribution to the THIS Fund. The percentage of employer required contributions in the future will not exceed 105 percent of the percentage of salary actually required to be paid in the previous fiscal year.

On behalf contributions to the THIS Fund

The state of Illinois makes employer retiree health insurance contributions on behalf of the employer. State contributions are intended to match contributions to the THIS Fund from active members which were 1.07 percent of pay during the year ended June 30, 2016. State of Illinois contributions were $75,013 and the employer recognized revenue and expenditures of this amount during the year.

Employer contributions to the THIS Fund

The employer also makes contributions to the THIS Fund. The employer THIS Fund contribution was 0.80 percent during the year ended June 30, 2016. For the year ended June 30, 2016, the employer paid $56,085 to the THIS Fund, which was 100 percent of the required contribution.

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Further information on the THIS Fund The publicly available financial report of the THIS Fund may be found on the website of the Illinois Auditor General: http://www.auditor.illinois.gov/Audit-Reports/ABC-List.asp. The current reports are listed under “Central Management Services.” Prior reports are available under “Healthcare and Family Services.”

(b) Non-certified employees

The District has evaluated its potential liability for other postemployment benefits. The District provides continued health insurance coverage at the active employer rate to all IMRF eligible employees in accordance with Illinois statues, which creates an implicit subsidy of retiree health insurance. Former employees who choose to retain their rights to health insurance through the District are required to pay 100% of the current premium. For the year ended June 30, 2016, four former employees have chosen to stay in the District’s health insurance plan. Because this would result in an immaterial implicit subsidy, the District has chosen not to calculate this implicit subsidy in accordance with GASB Statement No. 45, Accounting and Financial Reporting by Employers for Postemployment Benefits Other Than Pensions. Additionally, the District has no former employees for whom the District is providing an explicit subsidy and no current employees with agreements for future explicit subsidies upon retirement. Therefore, the District has not recorded any postemployment benefit liability as of June 30, 2016.

(14) Risk Management

The District is exposed to various risks of loss related to torts; damage to, and theft or destruction of assets; errors and omissions; injuries to employees; and natural disasters. Significant losses are covered by commercial insurance for all major programs except for workers’ compensation for which the District participates in the Illinois Association of School Board Workers’ Compensation Self Insurance Trust. Estimated payments are made annually to the Trust to cover claims, however, additional assessments could be required if the Trust reflects a deficit. For all insured programs, there have been no significant reductions in insurance coverage. Settlement amounts have not exceeded insurance coverage for the current year or the three prior years.

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http://www.auditor.illinois.gov/Audit-Reports/ABC-List.asp

http://www.auditor.illinois.gov/Audit-Reports/ABC-List.asp



(15) Operating Leases Bus Leases The District entered into a lease agreement for four 77 passenger buses and one 51 passenger bus with a lift in February 2014 for a term of four years. The principal amount of the lease is $410,304 and requires three annual payments of $62,978 beginning February 14, 2014 and a final payment of $250,966. The District made payments of $62,978 during the fiscal year. The District does not intend to make the final year lease payment and will return the buses to the lessor. The future lease payments are as follows:


2017 242,855$ 8,111$ 250,966$

242,855$ 8,111$ 250,966$

The District entered into a lease agreement for seven 77-passenger school buses in August 2014 for a term of four years. The principal amount of the lease is $552,706 and requires three annual payments of $84,389 beginning August 15, 2014 and a final payment of $341,362. The District made payments of $84,389 during the fiscal year. The District does not intend to make the final lease payment and will return the buses to the lessor. The future lease payments are as follows:


2017 70,597$ 13,792$ 84,389$

2018 330,001 11,361 341,362

400,598$ 25,153$ 425,751$

The District entered into a lease agreement for twelve 77-passenger school buses in April 2015 for a term of four years. The principal amount of the lease is $948,612 and requires three annual payments of $142,231 beginning July 30, 2015 and a final payment of $599,833. The District made payments of $142,231 during the fiscal year. The District does not intend to make the final lease payment and will return the buses to the lessor.

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The future lease payments are as follows:


2017 113,052$ 29,179$ 142,231$

2018 117,129 25,102 142,231

2019 578,956 20,877 599,833

809,137$ 75,158$ 884,295$

These lease agreements are accounted for in the Transportation Fund.

(16) Contingencies The District has received funding from state and federal grants in the current and prior years, which are subject to audits by the granting agencies. The School Board believes any adjustments that may arise from these audits will be insignificant to District operations. On October 29, 2015, the District entered into an agreement with a former employee to settle discrimination charges filed against the District upon the employee’s termination at the conclusion of the 2014-2015 school year. The agreement requires compensation to be paid by the District totaling $8,482, including $379 owed to the former employee for services rendered, $3,241 of attorney’s fees, and $4,862 of additional severance. The entire amount was paid during the year ended June 30, 2016. Additionally, the District incurred legal defense costs of $11,707 in connection with these charges.

(17) Unemployment Compensation

The District is self-insured for unemployment compensation. The District is therefore liable to the state for any payments made to any of its former employees claiming benefits. For the year ended June 30, 2016, claims paid out under the plan were $11,760.

(18) Subsequent Events Subsequent events are events or transactions that occur after the balance sheet date but before financial statements are issued or are available to be issued. These events and transactions either provide additional evidence about conditions that existed at the date of the balance sheet, including the estimates inherent in the process of preparing financial statements (that is, recognized subsequent events), or provide evidence about conditions that did not exist at the date of the balance sheet but arose after that date (that is, non-recognized subsequent events).

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The District has evaluated subsequent events through October 11, 2016, which was the date that these financial statements were available for issuance, and determined that there were no significant non-recognized subsequent events through that date, except as noted below:

Bus Lease Obligation

The District entered into a lease agreement for one Micro Bird bus with a lift in July 2016 for a term of four years. The principal amount of the lease is $63,424 and requires three annual payments of $12,137 beginning July 7, 2016 and on August 25th of each of the two subsequent years with a final payment of $31,677 on August 25, 2019. The District does not intend to make the final lease payment and will return the buses to the lessor. The future lease payments are as follows:


2017 12,137$ -$ 12,137$

2018 10,191 1,946 12,137

2019 10,577 1,560 12,137

2020 30,519 1,158 31,677

63,424$ 4,664$ 68,088$

This lease agreement with be accounted for in the Transportation Fund during the year ending June 30, 2017.

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FY15* FY14*

Employer's proportion of the net pension liability 4.4% 2.1%Employer's proportionate share of the net pension liability 2,004,876$ 1,038,911$ State's proportionate share of the net pension liability associated with the employer 43,627,531 48,490,417 Total 45,632,407$ 49,529,328$

Employer's covered-employee payroll 7,010,602$ 6,899,205$ Employer's proportionate share of the net pension liability as a percentage of its covered-employee payroll 28.6% 15.1%Plan fiduciary net position as a percentage of the total pension liability 41.5% 43.0%* The amounts presented were determined as of the prior fiscal-year end.

Contractually-required contribution 699,658$ 688,541$ Contributions in relation to the contractually-required contribution 720,547 707,941 Contribution deficiency (excess) (20,889)$ (19,400)$

Employer's covered-employee payroll 7,010,602$ 6,899,205$ Contributions as a percentage of covered-employee payroll 10.28% 10.26%

Teachers' Retirement System of the State of IllinoisSchedule of Employer Contributions


Other Information (unaudited)

June 30, 2016

Teachers' Retirement System of the State of IllinoisSchedule of the Employer's Proportionate Share

of Net Pension Liability

See notes to other information.

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2015 2014Total pension liability

Service cost 226,984$ 270,740$ Interest on the total pension liability 707,450 650,848 Changes of benefit terms - - Differences between expected and actual experience

of the total pension liability (203,737) (78,377) Changes of assumptions 10,938 408,990 Benefit payments, including refunds of employee contributions (507,599) (443,658) Net change in total pension liability 234,036 808,543

Total pension liability – beginning 9,572,969 8,764,426 Total pension liability – ending (a) 9,807,005 9,572,969

Plan fiduciary net positionContributions – employer 188,457 266,306 Contributions – employee 80,248 93,820 Net investment income 45,700 531,720 Benefit payments, including refunds of employee contributions (507,599) (443,658) Other (net transfer) 56,506 52,743 Net change in plan fiduciary net position (136,688) 500,931

Plan fiduciary net position – beginning 9,259,413 8,758,482 Plan fiduciary net position – ending (b) 9,122,725 9,259,413

Net pension liability – ending (a)-(b) 684,280$ 313,556$

Plan fiduciary net position as a percentage ofthe total pension liability 93.02% 96.72%

Covered valuation payroll 1,769,644$ 1,939,177$

Net pension liability as a percentage of covered valuation payroll 38.67% 16.17%



June 30, 2016

Illinois Municipal Retirement Fund

Schedule of Changes in Net Pension Liability and Related Ratios


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Actual

Contribution

Actuarially Contribution Covered as a % of

Calendar Year Determined Actual Deficiency Valuation Covered

Ending Contribution Contribution (Excess) Payroll Payroll

December 31, (a) (b) (a-b) ( c ) (b/c)

2014 251,705$ 266,306$ (14,601)$ 1,939,177$ 13.73%

2015 188,290 188,457 (167) 1,769,644 10.65%



June 30, 2016

Illinois Municipal Retirement Fund

Schedule of Contributions


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Notes to Other Information

June 30, 2016

These schedules are presented to illustrate the requirement to show information for 10 years. However, until a full 10-year trend is compiled, information is presented for those years for which information is available. (1) Teachers Retirement System of the State of Illinois – Changes of Assumption

Amounts reported in 2015 reflect an investment rate of return of 7.5 percent, an inflation rate of 3.0 percent and real return of 4.5 percent, and salary increases that vary by service credit. In 2014, assumptions used were an investment rate of return of 7.5 percent, an inflation rate of 3.0 percent and real return of 4.5 percent, and salary increases of 5.75 percent.

(2) Illinois Municipal Retirement Fund Pension Plan – Summary of Actuarial Methods and Assumptions Used in the Calculation of the 2015 Contribution Rate* (a) Valuation Date

Actuarially determined contribution rates are calculated as of December 31 each year, which is 12 months prior to the beginning of the fiscal year in which contributions are reported.

(b) Methods and Assumptions Used to Determine 2015 Contribution Rates

Actuarial cost method Aggregate entry age normal Amortization method Level percentage of payroll, closed Remaining amortization period Taxing bodies (Regular, SLEP, and ECO groups): 28-year

closed period until remaining period reaches 15 years (then 15-year rolling period). Early retirement incentive plan liabilities: a period up to 10 years selected by the District upon adoption of early retirement incentive.

Asset valuation method 5-year smoothed market; 20% corridor Wage growth 4.00% Price inflation 3.0% - approximate; No explicit price inflation assumption is

used in this valuation. Salary increases 4.40% to 16.00%, including inflation Investment rate of return 7.50% Retirement age Experience-based table of rates that are specific to the type

of eligibility condition; last updated for the 2011 valuation pursuant to an experience study of the period 2008-2010.

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Notes to Other Information

Mortality RP-2000 Combined Healthy Mortality Table, adjusted for mortality improvements to 2020 using projection scale AA. For men 120% of the table rates were used. For women 92% of the table rates were used. For disabled lives, the mortality rates are the rates applicable to non-disabled lives set forward 10 years.

(c) Other Information

There were no benefit changes during the year.

* Based on valuation assumptions used in the December 31, 2013, actuarial valuation

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Meridian Community Unit School District No. 223: We have audited the financial statements of Meridian Community Unit School District No. 223 for the year ended June 30, 2016 and have issued our report thereon dated October 11, 2016. Professional standards require that we provide you with the following information related to our audit. Our Responsibility Under U.S. Generally Accepted Auditing Standards and Government Auditing Standards As stated in the engagement letter dated July 11, 2016, our responsibility, as described by professional standards, is to express an opinion about whether the financial statements prepared by management with your oversight are fairly presented, in all material respects, in conformity with the cash basis of accounting and regulatory provisions prescribed by the Illinois State Board of Education, which is a comprehensive basis of accounting other than, and differs from, accounting principles generally accepted in the United States of America. Our audit of the financial statements does not relieve you or management of your responsibilities. Our responsibility for the supplementary information accompanying the financial statements, as described by professional standards, is to evaluate the presentation of the supplementary information in relation to the financial statements as a whole and to report on whether the supplementary information is fairly stated, in all material respects, in relation to the financial statements as a whole. Our responsibility is also to plan and perform our audit to obtain reasonable, but not absolute, assurance that the financial statements are free of material misstatement. Because an audit is designed to provide reasonable, but not absolute, assurance and because we did not perform a detailed examination of all transactions, there is a risk that material misstatements may exist and not be detected by us. As part of our audit, we considered the internal control of Meridian Community Unit School District No. 223. Such considerations were solely for the purpose of determining our audit procedures and not to provide any assurance concerning such internal control. As part of obtaining reasonable assurance about whether the financial statements are free of material misstatement, we performed tests of Meridian Community Unit School District No. 223’s compliance with certain provisions of laws, regulations, contracts, and grants. However, the objective of our tests was not to provide an opinion on compliance with such provisions.

Meridian CUSD No. 223 - 2016 2

Other Information in Documents Containing Audited Financial Statements The auditor’s responsibility for other information in documents containing audited financial statements does not extend beyond the financial information identified in our report, and we have no obligation to perform any procedures to corroborate other information contained in a document. Our responsibility is to read the other information and consider whether such information, or the manner of its presentation, is materially inconsistent with information, or the manner of its presentation, appearing in the financial statements. We are not aware of any documents or other information containing audited financial statements, and furthermore management has not requested us to devote attention to any documents containing audited financial statements. Significant Audit Findings Qualitative Aspects of Accounting Practices Management is responsible for selection and use of appropriate accounting policies. The significant accounting policies used by Meridian Community Unit School District No. 223 are described in Note 1 to the financial statements. No new accounting policies were adopted and the application of existing policies was not changed during the fiscal year. We noted no transactions entered into by the District during the year for which there is a lack of authoritative guidance or consensus. All significant transactions have been recognized in the financial statements in the proper period. Accounting estimates are an integral part of the financial statements prepared by management and are based on management’s knowledge and experience about past and current events and assumptions about future events. Certain accounting estimates are particularly sensitive because of their significance to the financial statements and because of the possibility that future events affecting them may differ significantly from those expected. The financial statement disclosures are neutral, consistent, and clear. Difficulties Encountered in Performing the Audit We encountered no significant difficulties in dealing with management in performing and completing our audit. Corrected and Uncorrected Misstatements Professional standards require us to accumulate all known and likely misstatements identified during the audit, other than those that are clearly trivial, and communicate them to the appropriate level of management. Management has corrected all such misstatements. The following material misstatements detected as a result of audit procedures were corrected by management.

Adjustments totaling $4,856,950 to record the issuance and pay down of debt related to the Series 2016A/B bonds.

Adjustment of $859,910 to capitalize construction in progress expenditures

Adjustment of $245,385 to reclassify General State Aid to proper account for reporting purposes.


Adjustment of $111,750 to record the sale of buses in proper account for reporting purposes.

Adjustment of $97,579 to reclassify miscellaneous revenue to proper account for reporting purposes.

Adjustments totaling $81,131 to capitalize technology and copier equipment leases.

Adjustment of $63,847 to health insurance liability accounts.

Several reclassification entries to properly record various expenditures.

Disagreements with Management For purposes of this letter, professional standards define a disagreement with management as a financial accounting, reporting, or auditing matter, whether or not resolved to our satisfaction, that could be significant to the financial statements or the auditor’s report. We are pleased to report that no such disagreements arose during the course of our audit. Management Representations We have requested certain representations from management that are included in the management representation letter dated October 11, 2016. Management Consultations with Other Independent Accountants In some cases, management may decide to consult with other accountants about auditing and accounting matters, similar to obtaining a “second opinion” on certain situations. If a consultation involves application of an accounting principle to the District’s financial statements or a determination of the type of auditor’s opinion that may be expressed on those statements, our professional standards require the consulting accountant to check with us to determine that the consultant has all the relevant facts. To our knowledge, there were no such consultations with other accountants. Other Audit Findings or Issues We generally discuss a variety of matters, including the application of accounting principles and auditing standards with management each year prior to retention as the District’s auditors. However, these discussions occurred in the normal course of our professional relationship and our responses were not a condition to our retention. Other Matters With respect to the supplementary information accompanying the financial statements, we made certain inquiries of management and evaluated the form, content, and methods of preparing the information to determine that the information complies with the cash basis of accounting and regulatory provisions prescribed by the Illinois State Board of Education, which is a comprehensive basis of accounting other than, and differs from, accounting principles generally accepted in the United States of America, the method of preparing it has not changed from the prior period, and the information is appropriate and complete in relation to our audit of the financial statements. We


compared and reconciled the supplementary information to the underlying accounting records used to prepare the financial statements or to the financial statements themselves. Internal Control Matters In planning and performing our audit of the financial statements of Meridian Community Unit School District No. 223 as of and for the year ended June 30, 2016, in accordance with auditing standards generally accepted in the United States of America, we considered Meridian Community Unit School District No. 223’s internal control over financial reporting (internal control) as a basis for designing audit procedures that are appropriate in the circumstances for the purpose of expressing our opinion on the financial statements, but not for the purpose of expressing an opinion on the effectiveness of the Meridian Community Unit School District No. 223’s internal control. Accordingly, we do not express an opinion on the effectiveness of the Meridian Community Unit School District No. 223’s internal control. Our consideration of internal control was for the limited purpose described in the preceding paragraph and was not designed to identify all deficiencies in internal control that might be material weaknesses or significant deficiencies and therefore material weaknesses or significant deficiencies may exist that were not identified. A deficiency in internal control exists when the design or operation of a control does not allow management or employees, in the normal course of performing their assigned functions, to prevent, or detect and correct, misstatements on a timely basis. A material weakness is a deficiency, or a combination of deficiencies in internal control, such that there is a reasonable possibility that a material misstatement of the entity’s financial statements will not be prevented, or detected and corrected, on a timely basis. We did not identify any deficiencies in internal control that we consider to be material weaknesses. A significant deficiency is a deficiency, or a combination of deficiencies, in internal control that is less severe than a material weakness, yet important enough to merit attention by those charged with governance. We consider the following deficiencies in Meridian Community Unit School District No. 223’s internal control to be a significant deficiencies: Food Service Program The federal guidelines require that the entire food service program of the District be operated as a non-profit. Any profits are to be used to improve the food service program. The District profited $200,572 during FY16 for the food service program thus subsidizing the Education fund. The District has responded that it does not intend to run a for-profit food service program and will follow our recommendation to use profits to improve the program. Financial Reporting & Material Adjustments The District lacks adequate procedures over financial reporting to identify potential adjustments throughout the year and during the year end reporting process, which in turn required several material adjusting journal entries during our audit as detailed above. Appropriate procedures should be implemented to ensure proper financial reporting. The District has responded that Management


will review the general ledger periodically to identify possible misclassifications and proper recording of transactions, including capital leases. Federal Award Program Expenditures and Expenditure Reports Title I and Title II expenditures claimed on the June 30, 2016 expenditure report exceeded the expenditures recorded in the applicable general ledger expenditure accounts. The District indicated that the program’s final expenditure reports will accurately reflect the appropriate expenditures. As of the date of this letter, the final expenditure reports have not been filed. The District has responded that it will file the required reports and implement controls to ensure accurate and timely filing in the future. State and Federal Award Program Expenditure Report Submissions The state guidelines require that expenditure reports for state and federal programs are to be submitted within 20 days after the quarter has ended. The District did not submit timely all quarterly expenditure reports for the Title I – Low Income, Title II – Teacher Quality, Early Childhood Block Grant, and Agriculture Education programs during the current fiscal year. The District has responded that Management will implement controls to ensure timely filing in the future.

* * * * * * * * * * * * * * * * * * We have attached to this letter our summary of comments and recommendations as a result of our procedures. This information is intended solely for the use of the Board of Education, management, others within the organization, the Illinois State Board of Education, and federal awarding agencies and is not intended to be and should not be used by anyone other than these specified parties. Freeport, Illinois October 11, 2016


Meridian Community Unit School District No. 223 Letter of Comments

June 30, 2016 1. Activity Funds

Controls over cash receipts and disbursements in the activity funds has improved significantly. We noted a few instances of document exceptions, but overall the documentation is much improved from prior years.

We noted instances in which disbursements issued to those in control of the activity fund were signed by the same individual. We recommend that any time a disbursement is made to an individual with control over the account, another authorized individual sign the check.

2. Internal Controls

As noted in prior years, numerous internal control deficiencies in the District’s accounting system existed and have been reported as such. However, during FY16 the District’s controls improved significantly and a number of these deficiencies have been corrected. The deficiencies that remain at June 30, 2016 are noted below.

Liability Accounts – The District’s payroll liability accounts contain several accounts with large debit balances and other accounts with large credit balances. These accounts should be reconciled monthly with the related payroll information to ensure that District expenses and employee withholding are accounted for properly.

Cash Disbursements – We noted various instances during our detail testing of the District’s cash disbursement function in which District procedures were not being followed. The exceptions noted related to maintaining properly authorized purchased orders and the inclusion of all disbursements in the listing of bills approved by the Board. We recommend the District strictly adhere to its policy of requiring authorized purchase orders and ensure all bills are appropriately reported to the board for approval.

3. IMRF Tax Levy

The IMRF tax levy is a restricted levy and the proceeds are intended only for use to pay IMRF expenses of the District. The IMRF revenue and expenses are combined with Social Security revenue and expenses in the Municipal Retirement/Social Security Fund (Fund 50). Because of the restricted nature of the IMRF tax levy, care should be taken to make sure the IMRF tax levy is not used for Social Security purposes. Because of the restricted nature of the IMRF portion of Fund 50, we suggest that the District revise the monthly Treasurer’s report. This report should split Fund 50 activity into two columns, IMRF and Social Security, and report the monthly income and expenses related to each in the respective column. Interest income should also be allocated in these two columns based on your method of calculation. This is a repeat comment from prior year.


4. Revenue Reporting

The state details the Requirements for Accounting, Budgeting, Financial Reporting, and Auditing in Title 23 of the Illinois Administrative Code including the specific account numbers in which state and federal grant awards are to be recorded. The District recorded inappropriate revenues in account 4991 dedicated for Medicaid Matching – Administrative Outreach. We recommend the District review state and federal grant award revenue accounts periodically to ensure only the appropriate revenues are being recorded in these accounts.

Page 36

1

2

3

4

5

6

7

8

9

10

11

12

13

A B C D E F G H

DescriptionEDUCATIONAL

FUND (10)

OPERATIONS &

MAINTENANCE

FUND (20)

TRANSPORTATION

FUND (40)

WORKING CASH

FUND (70)TOTAL

Direct Revenues 12,775,168 1,212,053 1,150,814 80,943 15,218,978

Direct Expenditures 11,385,812 1,304,493 844,294 13,534,599

Difference 1,389,356 (92,440) 306,520 80,943 1,684,379

Fund Balance - June 30, 2016 6,536,609 38,202 1,596,044 326,689 8,497,544

DEFICIT ANNUAL FINANCIAL REPORT (AFR) SUMMARY INFORMATION

New Provisions in the School Code, Section 17-1 (105 ILCS 5/17-1)

Balanced - no deficit reduction plan is required.

Instructions: If the Annual Financial Report (AFR) reflects that a "deficit reduction plan" is required as calculated below, then the school district is to complete the "deficit reduction

plan" in the annual budget and submit the plan to Illinois State Board of Education (ISBE) within 30 days after accepting the audit report. This may require the FY2017 annual

budget to be amended to include a "deficit reduction plan" and narrative.

The "deficit reduction plan" is developed using ISBE guidelines and format in the School District Budget Form 50-36. A plan is required when the operating funds listed below result

in direct revenues (line 7) being less than direct expenditures (line 8) by an amount equal to or greater than one-third (1/3) of the ending fund balance (line 10). That is, if the ending

fund balance is less than three times the deficit spending, the district must adopt and submit an original budget/amended budget with ISBE that provides a "deficit reduction plan" to

balance the shortfall within the next three years.

DEFICIT AFR SUMMARY INFORMATION - Operating Funds Only (All AFR pages must be completed to generate the following calculation)

Audit Checklist

All entries must balance within the individual fund statements and schedules as instructed below.

Any error messages left unresolved below, will be returned to the school district/joint agreement.

1. The auditor's Opinion and Notes to the Financial Statements are embedded in the "Opinion-Notes 34" tab.

2. Student Activity Funds, Convenience Accounts, and other agency funds are included, if applicable.

3.

explanations are included for all checked items at the bottom of page 2.

4. All Other accounts and functions labeled "(describe & itemize) are properly noted on the "Itemization 32" tab.

5. In all funds, Function No. 2900 does not include Worker's Compensation or Unemployment Insurance.

6. Tuition paid to another school district or to a joint agreement (in state) is coded to Function 4200, and Other Objects (600).

7. Business Manager/Bookkeeper Costs are charged to the proper Function (No. 2510/2520).

8. If district is subject to PTELL on tab "Aud Quest 2", line 21 be sure to check the box and enter the effective date.

9. All entries were entered to the nearest whole dollar amount.

Balancing Schedule

Check this Section for Error Messages

The following assures that various entries are in balance. Any out of balance condition is followed by an error message in RED and must be resolved before submitting

to ISBE. One or more errors detected may cause this AFR to be returned for corrections and resubmission. If impossible for entries to balance please explain on the

itemization page.

Description: Error Message

1.

2.

What Basis of Accounting is used? CASH

Accounting for late payments (Audit Questionnaire Section D) OK

Are Federal Expenditures greater than $750,000? OK

Is all Single Audit information completed and enclosed? OK

Is Budget Deficit Reduction Plan Required? Congratulations! You have a balanced AFR.

3. Page 3: Financial Information must be completed.

Section A: Tax rates are not entered in the following format: [1.50 should be .0150]. Please enter with the correct decimal point. OK

Section D: Check a or b that agrees with the school district type. OK

4. Page 5: Cells C4:L4 Acct 111-115 - Cash Balances cannot be negative.

Fund (10) ED: Cash balances cannot be negative. OK

Fund (20) O&M: Cash balances cannot be negative. OK

Fund (30) DS: Cash balances cannot be negative. OK

Fund (40) TR: Cash balances cannot be negative. OK

Fund (50) MR/SS: Cash balances cannot be negative. OK

Fund (60) CP: Cash balances cannot be negative. OK

Fund (70) WC: Cash balances cannot be negative. OK

Fund (80) Tort: Cash balances cannot be negative. OK

Fund (90) FP&S: Cash balances cannot be negative. OK

5.

Fund 10, Cell C13 must = Cell C41. OK

Fund 20, Cell D13 must = Cell D41. OK

Fund 30, Cell E13 must = Cell E41. OK

Fund 40, Cell F13 must = Cell F41. OK

Fund 50, Cell G13 must = Cell G41. OK

Fund 60, Cell H13 must = Cell H41. OK

Fund 70, Cell I13 must = Cell I41. OK

Fund 80, Cell J13 must = Cell J41. OK

Fund 90, Cell K13 must = Cell K41. OK

Agency Fund, Cell L13 must = Cell L41. OK

General Fixed Assets, Cell M23 must = Cell M41. OK

General Long-Term Debt, Cell N23 must = Cell N41. OK

6.

Fund 10, Cells C38+C39 must = Cell C81. OK

Fund 20, Cells D38+D39 must = Cell D81. OK

Fund 30, Cells E38+E39 must = Cell E81 OK

Fund 40, Cells F38+F39 must = Cell F81. OK

Fund 50, Cells G38+G39 must = Cell G81. OK

Fund 60, Cells H38+H39 must = Cell H81. OK

Fund 70, Cells I38+I39 must = Cell I81. OK

Fund 80, Cells J38+J39 must = Cell J81. OK

Fund 90, Cells K38+K39 must = Cell K81. OK

8. Page 25: Schedule of Bonds Payable must = Pages 5, 8 & 18: Basic Financial Statements.

Note: Explain any unreconcilable differences in the Itemization sheet.

Total Long-Term Debt Issued (P25, Cell F49) must = Principal on Long-Term Debt Sold (P8, Cells C33:F33, H33:K33). ERROR!

Total Long-Term Debt (Principal) Retired (P18, Cells H163) must = Debt Service - Long-Term Debt (Principal) Retired (P25, Cells H49). ERROR!

9.

Acct 7130 - Transfer Among Funds, Cells C27:K27 must = Acct 8130 Transfer Among Funds, Cells C49:K49 OK

Acct 7140 - Transfer of Interest, Cells C28:K28 must = Acct 8140 Transfer of Interest, Cells C50:K50. OK

Acct 7900 - ISBE Loan Proceeds (Cells C42:K42) must = Acct 8910 - Transfers to Debt Service Fund to Pay Principal on ISBE Loans

(Cells C74:K74)

OK

10. Restricted Local Tax Levies Page 26, Line 25 must = Reserved Fund Balance, Pages 5 & 6, Line 38.

Reserved Fund Balance, Page 5, Cells C38:H38 must be => Reserve Fund Balance Cell G25:K25. OK

Unreserved Fund Balance, Page 5, Cells C39:H39 must be > 0 OK

11. Page 5: "On behalf" payments to the Educational Fund

Fund (10) ED: Account 3998 must be entered OK

12. Page 28: The 9 Month ADA must be entered on Line 77. OK

13. Page 32: LIMITATION OF ADMINISTRATIVE COST, Budget Information must be completed and submitted to ISBE. OK

14. Page 31: SHARED OUTSOURCED SERVICES, Completed. OK

Page 5: Sum of Reserved & Unreserved Fund Balance must = Page 8, Ending Fund Balance.

Page 7 & 8: Other Sources of Funds (L 24:42) must = Other Uses of Funds (P8, L46:59).

All audit questions on page 2 are answered appropriatly by checking all that apply. This page must also be certified with the signature of the CPA firm. Comments and

The Single Audit related documents must be completed and attached.

Cover Page: The Accounting Basis must be Cash or Accrual.

Page 5 & 6: Total Current & Capital Assets must = Total Liabilities & Fund Balance.

School No: AFR Meridian 2016

Page 37

ANNUAL FEDERAL FINANCIAL COMPLIANCE REPORT (COVER SHEET)

DISTRICT/JOINT AGREEMENT

DISTRICT/JOINT AGREEMENT NAME RCDT NUMBER CPA FIRM 9-DIGIT STATE REGISTRATION NUMBER

ADMINISTRATIVE AGENT IF JOINT AGREEMENT (as applicable) NAME AND ADDRESS OF AUDIT FIRM

ADDRESS OF AUDITED ENTITY IL 61032

E-MAIL ADDRESS:

NAME OF AUDIT SUPERVISOR

DONALD A. BENNING

IL 61084

CPA FIRM TELEPHONE NUMBER FAX NUMBER

THE FOLLOWING INFORMATION MUST BE INCLUDED IN THE SINGLE AUDIT REPORT:

A copy of the CPA firm's most recent peer review report and acceptance letter has been submitted to

ISBE (either with the audit or under separate cover).

Financial Statements including footnotes Title 2 CFR §200.510 (a)

Schedule of Expenditures of Federal Awards including footnotes Title 2 CFR §200.510 (b)

Independent Auditor's Report Title 2 CFR §200.515 (a)

Independent Auditor's Report on Compliance and on Internal Control Over Financial Reporting Based on

an Audit of Financial Statements Performed in Accordance with Government Auditing Standards Title 2 CFR §200.515 (b)

Independent Auditor's Report on Compliance with Requirements Applicable to each Major Program

and Internal Control over Compliance Title 2 CFR §200.515 (c )

Schedule of Findings and Questioned Costs Title 2 CFR §200.515 (d) (1) - (3)

Summary Schedule of Prior Year Audit Findings Title 2 CFR §200.511 (b)

Corrective Action Plan Title 2 CFR §200.511 (c)

THE FOLLOWING INFORMATION IS HIGHLY RECOMMENDED TO BE INCLUDED:

Copy of Federal Data Collection Form Title 2 CFR §200.512 (b)

Copy(ies) of Management Letter(s)

207 W. MAIN ST.

815-235-3157 815/235-3158

STILLAMN VALLEY

50 W. DOUGLAS STREET, SUITE 801

(Street and/or P.O. Box, City, State, Zip Code)

[email protected]

FREEPORT

Year Ending June 30, 2016

MERIDIAN COMMUNITY UNIT SCHOOL DISTRICT NO. 22347-071-2230-26 066-004238

BENNING GROUP, LLC

Page 38

The following checklist is OPTIONAL; it is not a required form for completion of Single Audit information. The purpose of the

checklist is to assist in determining if appropriate information has been correctly completed within the Annual Financial Report (AFR).

This is not a complete listing of all Single Audit requirements, but highlights some of the more common errors found during ISBE reviews.

GENERAL INFORMATION

1. Signed copies of audit opinion letters have been included with audit package submitted to ISBE.

2. All opinion letters use the most current audit language and formatting as mandated in SAS 115/SAS 117 and other pronouncements.

3. ALL Single Audit forms within the AFR Excel workbook have been completed, where appropriate.

- For those forms that are not applicable, "N/A" or similar language has been indicated.

4. ALL Federal revenues reported in FRIS Report 0053 (Summary of Payments) are accounted for in the Schedule of Expenditures of

Federal Awards (SEFA).

Programs funded through ARRA are identified separately in SEFA

5. Federal revenues reported on the AFR reconcile to Federal revenues reported on the SEFA.

- Verify or reconcile on reconciliation worksheet.

6. The total value of non-cash COMMODITIES has been included within the AFR on the INDIRECT COSTS page (ICR Computation 30) on Line 11.

It should not be included in the Statement of Revenues Received (REVENUES 9-14) within the AFR Accounts 4210 - 4299.

Those accounts are specific cash programs, not non-cash assistance such as COMMODITIES.

7. Complete audit package (Data Collection Form, audit reports, etc.) has been submitted electronically to the Federal Audit Clearinghouse in

Jeffersonville, Indiana.

SCHEDULE OF EXPENDITURES OF FEDERAL AWARDS

8. Programs funded through ARRA (Federal Stimulus funds) are identified separately from "regular" Federal programs

- Program name includes "ARRA - " prefix

- Correct ARRA CFDA and ISBE program numbers are listed

9. All prior year's projects are included and reconciled to final FRIS report amounts.

- Including reciept/revenue and expenditure/disbursement amounts.

10. All current year's projects are included and reconciled to most recent FRIS report filed.

- Including revenue and expenditure/disbursement amounts.

11. Differences in reported spending amounts on the SEFA and the final FRIS reports should be detailed and/or documented in a finding,

with discrepancies reported as Questioned Costs.

12. Prior-year and Current-year Child Nutrition Programs (CNP) are included on the SEFA (with prior-year program showing total cash received):

Project year runs from October 1 to September 30, so projects will cross fiscal year;

This means that audited year revenues will include funds from both the prior year and current year projects.

13. Each CNP project should be reported on separate line (one line per project year per program).

14. Total CNP Revenue amounts are consistent with grant amounts awarded by ISBE for each program by project year.

15. Total CNP Expenditure amounts are consistent with grant amounts awarded by ISBE for each program by project year.

16. Exceptions should result in a finding with Questioned Costs.

17. The total value of non-cash COMMODITIES has been reported on the SEFA (CFDA 10.555).

- The value is determined from the following, with each item on a separate line:

* Non-Cash Commodities: Monthly Commodities Bulletin for April (From the Illinois Commodities System accessed through ISBE web site)

Total commodities = A PAL Allocated + B PAL Allocated + Processing Deductions + Total Bonus Allocated

Verify Non-Cash Commodities amount on ISBE web site: http://www.isbe.net/business.htm.

* Non-Cash Commodities: Commodities information for non-cash items received through Other Food Services

Districts should track separately through year; no specific report available from ISBE

Verify Non-Cash Commodities amount through Other Food Services on ISBE web site: http://www.isbe.net/business.htm.

* Department of Defense Fresh Fruits and Vegetables (District should track through year)

- The two commodity programs should be reported on separate lines on the SEFA.

Verify Non-Cash Commodities amount through DoD Fresh Fruits and Vegetables on ISBE web site: http://www.isbe.net/business.htm.

* Amounts verified for Fresh Fruits and Vegetables cash grant program (ISBE code 4240)

CFDA number: 10.582

18. TOTALS have been calculated for Federal revenue and expenditure amounts (Column totals).

19. Obligations and Encumbrances are included where appropriate.

20. FINAL STATUS amounts are calculated, where appropriate.

21. Medicaid Fee-for-Service funds, E-Rate reimbursements and Build America Bond interest subsidies have not been included on the SEFA.

22. All programs tested (not just Type A programs) are indicated by either an * or (M) on the SEFA.

23. NOTES TO THE SEFA within the AFR Excel workbook (SEFA NOTES) have been completed.

Including, but not limited to:

24. Basis of Accounting

25. Name of Entity

26. Type of Financial Statements

27. Subrecipient information (Mark "N/A" if not applicable)

* ARRA funds are listed separately from "regular" Federal awards

SUMMARY OF AUDITOR RESULTS/FINDINGS/CORRECTIVE ACTION PLAN

28. Audit opinions expressed in opinion letters match opinions reported in Summary.

29. All Summary of Auditor Results questions have been answered.

30. All tested programs are listed.

31. Correct testing threshold has been entered. Title 2 CFR §200.518

Findings have been filled out completely and correctly (if none, mark "N/A").

32. Financial Statement and/or Federal Awards Findings information has been completely filled out for each finding, with finding numbers in correct format.

32. Finding completed for each Significant Deficiency and for each Material Weakness noted in opinion letters.

33. Separate finding for each Federal program (i.e., don't report same finding for multiple programs on one sheet).

34. Separate finding sheet for each finding on programs (e.g., excess interest earned and unallowable expenditures are two findings

and should be reported separately, even if both are on same program).

35. Questioned Costs have been calculated where there are questioned costs.

36. Questioned Costs are separated by project year and by program (and sub-project, if necessary).

37. Questioned Costs have been calculated for Interest Earned on Excess Cash on Hand.

- Should be based on actual amount of interest earned

- Questioned Cost amounts are broken out between programs if multiple programs are listed on the finding

38. A CORRECTIVE ACTION PLAN has been completed for each finding.

- Including Finding number, action plan details, projected date of completion, name and title of contact person


47-071-2230-26

SINGLE AUDIT INFORMATION CHECKLIST

Page 39

RECONCILIATION OF FEDERAL REVENUES

Annual Financial Report to Schedule of Expenditures of Federal Awards

TOTAL FEDERAL REVENUE IN AFR

Account Summary 7-8, Line 7 Account 4000 680,489$

Flow-through Federal Revenues

Revenues 9-14, Line 112 Account 2200 -

Value of Commodities

Indirect Cost Info 30, Line 11 41,943

Less: Medicaid Fee-for-Service

Revenues 9-14, Line 271 Account 4992 (16,938)

AFR TOTAL FEDERAL REVENUES: 705,494$

ADJUSTMENTS TO AFR FEDERAL REVENUE AMOUNTS:

Reason for Adjustment:

ADJUSTED AFR FEDERAL REVENUES 705,494$

Total Current Year Federal Revenues Reported on SEFA:

Federal Revenues Column D

Adjustments to SEFA Federal Revenues:

Reason for Adjustment:

ADJUSTED SEFA FEDERAL REVENUE: -$

DIFFERENCE: 705,494$


47-071-2230-26

Page 40

ISBE Project # Receipts/Revenues Expenditure/Disbursements4

Federal Grantor/Pass-Through Grantor/ CFDA (1st 8 digits) Year Year Year Year Obligations/ Final Budget

Program or Cluster Title and Number2

or Contract #3 7/1/14-6/30/15 7/1/15-6/30/16 7/1/14-6/30/15 7/1/15-6/30/16 Encumb. Status

Major Program Designation (A) (B) (C) (D) (E) (F) (G) (H) (I)

• (M) Program was audited as a major program as defined by Title 2 CFR §200.518.

The accompanying notes are an integral part of this schedule.

1 To meet state or other requirements, auditees may decide to include certain nonfederal awards (for example, state awards) in this schedule. If such nonfederal data are presented,

they should be segregated and clearly designated as nonfederal. The title of the schedule should also be modified to indicate that nonfederal awards are included.2 When the CFDA number is not available, the auditee should indicate that the CFDA number is not available and include in the schedule the program's name and, if applicable,

other identifying number.3 When awards are received as a subrecipient, the name of the pass-through entity and identifying number assigned by the pass-through entity must be included in the schedule. Title 2 CFR §200.510 (b)(2)

4 The Uniform Guidance requires that the value of federal awards expended in the form of non-cash assistance, the amount of insurance in effect during the year, and loans or loan guarantees

outstanding at year end be included in either the schedule or a note to the schedule. Although it is not required, the Uniform Guidance states that it is preferable to present this information in

the schedule (versus the notes to the schedule). If the auditee presents non-cash assistance in the notes to the schedule, the auditor should be aware that such amounts must

still be included in part III of the data collection form.


47-071-2230-26

SCHEDULE OF EXPENDITURES OF FEDERAL AWARDS


Page 41

Note 1: Basis of Presentation5

Note 2: Subrecipients6

Federal Amount Provided to

Program Title/Subrecipient Name CFDA Number Subrecipients

Note 3: Non-Cash Assistance

NON-CASH COMMODITIES (CFDA 10.555)**:

OTHER NON-CASH ASSISTANCE

Note 4: Other Information

Insurance coverage in effect paid with Federal funds during the fiscal year:

Property

Auto

General Liability

Workers Compensation

Loans/Loan Guarantees Outstanding at June 30:

District had Federal grants requiring matching expenditures

(Yes/No)

** The amount reported here should match the value reported for non-cash Commodities on the Indirect Cost Rate Computation page.

5

6

The following amounts were expended in the form of non-cash assistance by [Entity #XYZ] and are/are not included in the Schedule of

Expenditures of Federal Awards:

This note is included to meet the Uniform Guidance requirement that the schedule include notes that describe the significant accounting policies used in

preparing the schedule.

The Uniform Guidance requires the Schedule of Expenditures of Federal Awards to include, to the extent practical, an identification of the total amount

provided to subrecipients, from each federal program. Although this example includes the required subrecipient information in the notes to the

schedule, the information may be included on the face of the schedule as a separate column or section, if that is preferred by the auditee. Title 2 CFR

§200.510 (b)(2)


47-071-2230-26

NOTES TO THE SCHEDULE OF EXPENDITURES OF FEDERAL AWARDS (SEFA)


The accompanying Schedule of Expenditures of Federal Awards includes the federal grant activity of [Entity #XYZ] and is presented on

the [Identify Basis of Accounting]. The information in this schedule is presented in accordance with the requirements of the Office of

Management and Budget Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards.

Therefore, some amounts presented in this schedule may differ from amounts presented in, or used in the preparation of, the [General-

Purpose or Basic] financial statements.

Of the federal expenditures presented in the schedule, [Entity #XYZ] provided federal awards to subrecipients as follows:

Page 42

FINANCIAL STATEMENTS

Type of auditor's report issued:

(Unmodified, Qualified, Adverse, Disclaimer)

INTERNAL CONTROL OVER FINANCIAL REPORTING:

• Material weakness(es) identified? YES None Reported

• Significant Deficiency(s) identified that are not considered to YES None Reported

be material weakness(es)?

• Noncompliance material to financial statements noted? YES NO

FEDERAL AWARDS

INTERNAL CONTROL OVER MAJOR PROGRAMS:

• Material weakness(es) identified? YES None Reported

• Significant Deficiency(s) identified that are not considered to YES None Reported

be material weakness(es)?

Type of auditor's report issued on compliance for major programs:

(Unmodified, Qualified, Adverse, Disclaimer7)

Any audit findings disclosed that are required to be reported in

accordance with Title 2 CFR §200.516 (a)? YES NO

IDENTIFICATION OF MAJOR PROGRAMS:8

CFDA NUMBER(S)9

NAME OF FEDERAL PROGRAM or CLUSTER10

Dollar threshold used to distinguish between Type A and Type B programs:

Auditee qualified as low-risk auditee? YES NO

7 If the audit report for one or more major programs is other than unmodified, indicate the type of report issued for each program.

Example: "Unmodified for all major programs except for [name of program], which was modified and [name of program], which

was a disclaimer." 8

Major programs should generally be reported in the same order as they appear on the SEFA. 9

When the CFDA number is not available, include other identifying number, if applicable.10

The name of the federal program or cluster should be the same as that listed in the SEFA. For clusters, auditors are only

required to list the name of the cluster.


47-071-2230-26

SCHEDULE OF FINDINGS AND QUESTIONED COSTS


SECTION I - SUMMARY OF AUDITOR'S RESULTS

Page 43

1. FINDING NUMBER:11 2016- 2. THIS FINDING IS: New Repeat from Prior Year?

Year originally reported?

3. Criteria or specific requirement

4. Condition

5. Context12

6. Effect

7. Cause

8. Recommendation

9. Management's response13

For ISBE Review

Date: Resolution Criteria Code Number

Initials: Disposition of Questioned Costs Code Letter

11 A suggested format for assigning reference numbers is to use the digits of the fiscal year being audited followed by a numeric

sequence of findings. For example, findings identified and reported in the audit of fiscal year 2016 would be assigned a reference number of 2016-001, 2016-002, etc. The sheet is formatted so that only the number need be entered (1, 2, etc.).12

Provide sufficient information for judging the prevalence and consequences of the finding, such as relation to universe of costs and/or

number of items examined and quantification of audit findings in dollars.13

See Title 2 CFR §200.521 Management decision for additional guidance on reporting management's response.

MERIDIAN COMMUNITY UNIT SCHOOL DISTRICT NO. 22347-071-2230-26

SCHEDULE OF FINDINGS AND QUESTIONED COSTSYear Ending June 30, 2016

SECTION II - FINANCIAL STATEMENT FINDINGS

Page 44

1. FINDING NUMBER:14 2016- 2. THIS FINDING IS: New Repeat from Prior year?

Year originally reported?

3. Federal Program Name and Year:

4. Project No.: 5. CFDA No.:

6. Passed Through:

7. Federal Agency:

8. Criteria or specific requirement (including statutory, regulatory, or other citation)

9. Condition15

10. Questioned Costs16

11. Context17

12. Effect

13. Cause

14. Recommendation

15. Management's response18

For ISBE Review

Date: Resolution Criteria Code Number

Initials: Disposition of Questioned Costs Code Letter

14 See footnote 11.

15 Include facts that support the deficiency identified on the audit finding.

16 Identify questioned costs as required by Title 2 CFR §200.516 (a)(3 - 4).

17 See footnote 12.

18 To the extent practical, indicate when management does not agree with the finding, questioned cost, or both.


47-071-2230-26

SCHEDULE OF FINDINGS AND QUESTIONED COSTS


SECTION III - FEDERAL AWARD FINDINGS AND QUESTIONED COSTS

Page 45

[If there are no prior year audit findings, please submit schedule and indicate NONE]

Finding Number Condition Current Status20

When possible, all prior findings should be on the same page19

Explanation of this schedule - Title 2 CFR §200.511 (b)20

Current Status should include one of the following:

• A statement that corrective action was taken

• A description of any partial or planned corrective action

• An explanation if the corrective action taken was significantly different from that previously reported

or in the management decision received from the pass-through entity.


47-071-2230-26

SUMMARY SCHEDULE OF PRIOR AUDIT FINDINGS19


Page 46

Corrective Action Plan

Finding No.: 2016-

Condition:

Plan:

Anticipated Date of Completion:

Name of Contact Person: [Name and Title of person responsible for implementation]

Management Response: [If applicable, an explanation giving specific reasons if the district officials do not agree with

the finding and believe that corrective action is unnecessary.]

21 Explanation of this schedule - Title 2 CFR §200.511 ( c)


47-071-2230-26

CORRECTIVE ACTION PLAN FOR CURRENT YEAR AUDIT FINDINGS21


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